new novice trader!!! help!!!

Oct 6, 2008
2
0
11
#1
hello there

im new to this and also trading, could anyone help me by giving your verdicts on betting on betonmarkets.com, whats the difference between beton markets and all the ones outhere?

also what is matt shaw all about, is he just as bad of a scammer as vince stanzione?

does
 
Last edited:

Magos

Active member
Feb 8, 2007
911
23
28
London
#2
Bet on markets is not FSA registered first of all
So your trades will be based on spreadbetting. Therefore please read the following


Spread betting (wikipedia) is any of various types of wagering on the outcome of an event, where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, which is known as money-line betting. A spread is a range of outcomes, and the bet is whether the outcome will be above or below the spread. Spread betting has been a major growth market in the UK in recent years, with the number of gamblers heading towards one million.[1] As with all gambling, however, spread betting carries a high level of risk.[2] In the UK, spread betting is regulated by the Financial Services Authority rather than the Gambling Commission.[3]
 

Igat

Member
Sep 16, 2008
39
5
18
#4
Personally speaking I looked for a big player with a platform I liked and put the minimum amount in just to get the feel of it. I used CMC and downloaded their platform, their web platform sucks so I use marketmaker (I believe if you have not got a high spec PC then you can have problems with it). So far I have had no problems as such with the very very occasional lag spike lasting 1-2 seconds. Just make sure what ever platform you use it can cater for your style and plan. Open a demo account with who ever you wish to try and check that the charts you want and the indicators you need are there. So once I was happy I transferred the £200 pounds over to CMC. I of course expect to burn it and I will top up the minimum again this is the cost of my education (that bit is important I don't lose money, I pay for an education and it makes the loses easier to take). I believe I have learnt far more by trading real money than I did paper trading. I will only go beyond that when I am absolutely comfortable with trading and can maintain some consistency. So at this rate probably never ;)
 

Magos

Active member
Feb 8, 2007
911
23
28
London
#5
so which site would be best to trade on, espcecially when your novice at trading like myself?
firstly we should know what kind of products you would like to trade?
 

£10kLoser

Active member
May 9, 2008
648
64
38
www.RichLazyTrader.com
#6
The problem with Betonmarkets is that you don't get value for money - much of the pip movement is eaten. You may get a 100 point move and your profit will be way under half risking the same money with a normal or spread bet broker. That said, you'll lose less too but they take far more from you propertionately than other brokers, win or lose.

They are a sort of safe option for the cautious but if you can show a profit, why not go down the normal road and pocket a lot more. Depending on what you want to trade, IG is probably the best spread bet co, apart from futuresbetting.com, which is for experts with bigger capital.

CMC are OK only if you always close trades using the automatic stop or limit. If you manually close, they can take so long to action the request the market may move hugely. After waiting 2 minutes and watching £500 disappear, I closed my account. Capital Spreads are an easy option but IG give less trouble and are very reliable (and trades close exactly where you click the mouse!). For the sort of instruments available at Betonmarkets, IG spreads are acceptable.
 

Magos

Active member
Feb 8, 2007
911
23
28
London
#7
The problem with Betonmarkets is that you don't get value for money - much of the pip movement is eaten. You may get a 100 point move and your profit will be way under half risking the same money with a normal or spread bet broker. That said, you'll lose less too but they take far more from you propertionately than other brokers, win or lose.

They are a sort of safe option for the cautious but if you can show a profit, why not go down the normal road and pocket a lot more. Depending on what you want to trade, IG is probably the best spread bet co, apart from futuresbetting.com, which is for experts with bigger capital.

CMC are OK only if you always close trades using the automatic stop or limit. If you manually close, they can take so long to action the request the market may move hugely. After waiting 2 minutes and watching £500 disappear, I closed my account. Capital Spreads are an easy option but IG give less trouble and are very reliable (and trades close exactly where you click the mouse!). For the sort of instruments available at Betonmarkets, IG spreads are acceptable.
Eating pips and not guaranting stops are what all this companies do....
They will eat you alive since they are the market makers (betting shop)
They are aloud to widen or narrow the spread as well.

The safest option will be to use an FSA registered company like IG but dont invest alot in spreadbetting, go CFD's and pay tax ;)