Minimum requirements & FSA

[maik79]

Hello.

I don't meet the minimum requirements, i think these are FSA regulations. If i just lie and say i'm self emloyed and earn more than 15k per year. would that be enough? They don't control it anyway? (I'm from germany)

because I have developed a system and it works with play money. It's safe and i don't hold a position longer than 30 minutes and always with stop loss. I don't see a risk for the companies!

Or does anyone know a good non FSA SB company with good spreads?

 

[pazuzu]

If you earn less than £15k a year, you've no business betting on anything. Harsh but true.

Hello.

I don't meet the minimum requirements, i think these are FSA regulations. If i just lie and say i'm self emloyed and earn more than 15k per year. would that be enough? They don't control it anyway? (I'm from germany)

because I have developed a system and it works with play money. It's safe and i don't hold a position longer than 30 minutes and always with stop loss. I don't see a risk for the companies!

Or does anyone know a good non FSA SB company with good spreads?

 

[gle101]

If you earn less than £15k a year, you've no business betting on anything. Harsh but true.

Yes you can trade with a SB, I am sure one or the other will take you on. Be sure to have very small entry stake (like Smart Live markets 0.1). Apply proper money management and you will be fine (not more then 1% of your capital, included stop loss on outstanding positions). Trading indices with this setup and you'll be fine. Don't be over confident about your system, live trading is another issue altogether.

Sorry, this post was directed to maik79.

 

[ns1000]

Maik -honestly I would stay away from derivatives like CFDs or Spread Betting. If you don't (yet) earn £15k a year, you could be crippled by losses. Where some people have posted on here saying they lost 90k or similar, they've generally been able to afford to pay - even if it hasn't be comfortable. It could ruin your life - especially as I understand that German bankruptcy laws are much tougher than in the UK. Without a decent pot behind you, you're also more likely t forced out of trades for lack of margin, making it even worse.

Even though I work in the industry, I would strongly recommend that you don't get involved. Much as I would like everyone to be enfranchised, the risks are simply too great if you don't have a decent asset base.

 

[lancenicolase]

Hello.

I don't meet the minimum requirements, i think these are FSA regulations. If i just lie and say i'm self emloyed and earn more than 15k per year. would that be enough? They don't control it anyway? (I'm from germany)

because I have developed a system and it works with play money. It's safe and i don't hold a position longer than 30 minutes and always with stop loss. I don't see a risk for the companies!

Or does anyone know a good non FSA SB company with good spreads?

As previously stated... you shouldn't really use spread betting if you earn less than £15k but if you have a budget set aside, say, £1000 then you could go ahead, some companies will take you on but if you'll get a limited risk account.

Risk Warning: Stay away from not FSA regulated brokers. There're many dodgy ones and you're guaranteed to lose with them. Trade only with reputable and regulated broker if you're serious about trading.

 

[maik79]

Ok thanks all. Yes have more than 1000 Euros safety.
I saw that world spread is offering limited risk accounts i will try there.

p.s. i should have mentioned that i already had a tradefair acount in 2008. i still remember my last action i bought the dow at 10779 right after the bailout and it went straight down to 7k LOOOOL Epic Fail

Thanks again all.