Own Up All Spreadbettors Making £1K to £2K per Month at £1 to £2 per Point

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Felix

Junior member
19 0
Claims are being made that for just 1 hours work a day it is relatively easy to make £1000 to £2000 per month using a spreadbetting company at just £1 to £2 per point. In my view it is difficult enough to do this if you were allowed to use direct access trading at £1 per point which you cannot do as the cheapest is $5 on the Dow Mini.

But I am very interested to know of anyone who does this and if so how they do it


Felix
 

rossored

Senior member
2,103 56
I guess it depends on your SB company, but lately I think it would be impossible to do because the US markets have been totally flat, and you wouldn't do it on the European indices (someone prove me wrong, please)

I'm just about to open an account with IB and will be quite happy to scalp $5 futs using that.

Frankly, as many people have said time and time again, its a spread BET . How many poor bookies do you know? They swing the prices, you've got the bias to take into account (and I challenge anyone to prove otherwise) and they'll do just about anything to have you over imo.

But I'll be very happy for someone to come along and prove otherwise, and make me look like a fool in the process if you like.
 

Skimbleshanks

1
2,325 16
Felix - great thread! But you forgot to include the word 'beginners', as that was the claim. :D

I do, of course, appreciate that that is why you've put this on the First Steps board. :D
 

sidinuk

Established member
624 5
Nice one Felix. I'm glad someone else has picked up on how incredible this claim really is.

Rossored, you will notice a big difference to your bottom line when you start to trade with IB. The differences in spread doesn't sound much but if you trade regularly they really do add up. Not to mention being able to trade at the price you want rather than the one the spreadbet company wants you to have.
 

bonsai

Veteren member
4,106 10
thanks Paul
now I have read it, I am sorry I asked.

I guess now everybody has a cd writer. we're gonna be deluged ?

perhaps Tommy Cooper still lives ?

How to make money ? "Just like that" !

<img src="http://www.beebfun.com/images/tommy.jpg">

:LOL:

btw, elsewhere when people try to ramp their own stuff, they get banned from the board.
 

rossored

Senior member
2,103 56
Sid,

having sat and done little more than watch prices for the past week (ie the difference between the SB price and the actual price)whilst I get my funding in place, I have no doubt that my bottom line will increase immeasurably once the IB account is up and running.

To put it bluntly, SB companies are robbing b*****ds and imo they are only useful for one thing - losing money. However, even this is useful in the early days of trading because it should teach you not only discipline, but how easy it can be to lose money when someone is constantly moving the goalposts when you're in a trade.

My style, I've learned, is more scalping than anything else...and so many moves on the major indices lately have given opportunity for little else, and if you're using SB, basically you haven't got a snowballs' chance in hell.

So what I'd say to anyone looking at starting trading is this: Put aside about £3000. Stick a grand of it in a SB account, and leave the other £2k sitting in another account somewhere. Then, when your SB account is down to less than half what you started with (and believe me, it will be), take your balance and the other £2k, open up a proper trading account, and use what you've learned over the past 6 or 8 months. Do not, under any circumstances, try and "win" back your losses from the SB company. Because you won't.

But, like the Murphy's, I'm not bitter. ;)

Anyway, goodbye SB. And in the words of Mel [email protected]"FREEDOM!!"
 

Henry

Active member
177 2
£1000 a month is only 50 points a day at £1 a point, and trading US Stocks that is a very viable target and can certainly be achieved even with deal4free. Just take a look at todays LEH chart for example - easy 100 points+ in under an hour.

H.
 

Naz

Experienced member
1,391 24
If one was to trade for 1 hour a day it would have to be a US stock in the first hour of the open.

I think trading £1/£2 a point will give someone a lead into the markets.

How much can you earn?well i think if you're doing well you've probably moved on up the trading ladder onto something else.

Recently i've met and coached a couple of people who had naturally done very well trading £1/£2 a point making money and wanted to go to the next step.Equally i've met some who needed a helping hand in getting the right traders mentality fixed in their mind.

The answer it seems is one's own make up.So many just let a loosing position run and are quick to take their profits.Trading with small amounts and keeping a log can help distinguish just what your trading personality is.

When i first kept a log of all my trades.I couldn't believe the reality of the things i saw.I was then honest with myself and resolved those problems.In trading we are not as wonderful as we think we are.Our natural tendencies do not work well in the markets.

Only when you resolve this can you move on.So the answer for me is not how much you make but how well are you trading. £1/£2 a point allows you to address this question so you understand what your next move might have to be.
 
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Finlayson

Well-known member
410 10
perhaps the claims r just a bit too high for their own good , as is often the case. £ 1000-£2000 p/month is very achievable with SB , but at £1-2 your results would have to be very good indeed, though I am not saying this is not achievable & I have not done the course ......so who am I to judge.

maybe the advert should focus on 'consistent & comfortable results' as this is the important thing, the money is secondary.

the amount of Money u make is all down to what u r prepared to bear to the market.............& this is all down to your comfort zone & subconscious ability to accept your own strategy.

Naz.......I agree with a lot of your comments about some of our tendencies & the need to work on them & £1-2 p/point is a good place to start.

Re the comments on SB companies, I guess there r good & bad, there r pros & cons to both, this will be more obvious depending on your style of trading, your time scale & your stop & exit size.

maybe the course is OK , fantastic if u get these results, but I think u have to approach things with realism, if it teaches u to start trading & get consistent net results, then it will be worth it.
what u make will then be down to your skills & confidence
 

davelong

Member
62 0
It is very unfortunate that part of the advertising material has been seized on as being the most important issue in this matter.
It would be a great pity if even a single novice was dissuaded from buying JohnB's course due to some of the negative and scathing comments on both of these threads.
If someone, for whatever reason, decides to become a 'trader', the chances are they will go ahead regardless of the lack of knowledge and probably lose badly. For those that decide to undertake some form of studying it is far better that they pick something worthwile, there is a plethora of dangerous rubbish in trader land and there is some very good and honest material.
In my mind there is no doubt that JohnB's fit into the latter category, it is definately not a 'get rich quick' scheme but is a very well thought out course of learning, from the very, very basics in a step by step process, each section building on the previous, a very large amount of important information with all the usual warnings and safegards.
There may be those that will assume that because I am still learning and am still not a 'proper' trader that I am not in a position to make such comments, but IMO I have learnt enough to know what is true and what is not, and anyway I am far more qualified to do so than those who have no knowledge as to the contents of the aforesaid course.
 

sidinuk

Established member
624 5
Originally posted by Rossored:

So what I'd say to anyone looking at starting trading is this: Put aside about £3000. Stick a grand of it in a SB account, and leave the other £2k sitting in another account somewhere. Then, when your SB account is down to less than half what you started with (and believe me, it will be), take your balance and the other £2k, open up a proper trading account, and use what you've learned over the past 6 or 8 months. Do not, under any circumstances, try and "win" back your losses from the SB company. Because you won't.


Rossored,

That is quite possibly the best advice I have ever seen on this board regarding how someone should begin their trading adventure. I certainly wish someone had told me that 3 years ago when I began, I'd certainly be a lot richer now!
 

rossored

Senior member
2,103 56
Thanks Sid!! :cheesy:

If even one person takes notice of that quote, then it was worth writing it.

Every time I envision opening a SB now, or anyone else opening one, I also envision the CEO of the various SB companies popping another champagne cork, shouting "Wahey! More money in the bank!"

Cynical, me? Noooooooo!! :D

Incidentally, my SB company have just phoned me and offered to change my account to offer me a marginally (ie 3 points) lower spread when they heard I wanted to close the account. Funny, that, they wouldnt do it beforehand. Perhaps their initials stand for "Index" and "Gullible"? (small hint there as to which my broker is...sorry, i mean was)
 
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