Spread Betting firms.

[Pound foolish]

I have tried the demo accopunts, made money over a four week period and now want to go live.

I want to put in £10k so i dont want more than one account.

Can anyone tell me which ones are the best in their opinions.

I like to be able to rolloover without the bet being closed and re opened outside trading hours and with a increase/reduction to my account each night too.

Also important as always narrow spreads.

I just would like to know who the good guys are and more importantly who the bad guys are.

 

[Black Swan]

I'll make no comment on who the "bad guys" are, in my earlier days my complaints versus the SB firms tailed off as I got more proficient...strange that. IMHO you could do a lot worse than go with IG; spreads good, platform/execution reliable, charting package with Pro real time as good as any...but the biggest issue for you now is starting off small. They have a trade sense programme which allows you to trade small, 10-20 pence pp for 6 weeks. In doing so you'll be able to see how/if your edge works.

You'll also begin to deal with the mixed range of completely new emotions you'll experience whilst live trading and get used to navigating around their platform etc.

I would honestly only commit £1K of your £10K at this stage, there's plenty of time for you to move through the gears. At £1K, risking no more than 2% of your pot per trade, you would be risking £20 at 50p per point/pip; 5 pip to take the trade, 35 pip stop loss...

Others may disagree but again at this stage (if trading forex) I'd concentrate on one pair for now, EUR/USD is the most liquid/traded currency on the markets and at a 2pip spread with IG and 3 for a guaranteed stop loss you're looking at 5 pip to take the trade.

As for time frames this is a hot debate amongst new traders, IMHO you should trade your one currency pair off 15 min TFs for now. Others may say it's too short but the reasons would be; you'll begin to witness 'price action', you'll feel involved in the market place and you will realise how you react to price movements, swing, you'll be able to clearly see support, resistance, whether or not the market is trending or ranging ...etc...etc...

Go to go buddy, might dip back into this thread this evening to see what other advice is offered up as I've only scraped the surface/mind dumped the first few things that came into my mind...which, given I've had a (bad) losing morning session, isn't necessarily in the right place...

 

[LittleKnown]

I'm with ig, on the trade sense, brill platform, charts are good, auto chartist if you like trading off of patterns, but don't like the guaranteed stop, then again would maybe wish for it if I didn't have it, don't know about rollover will find out if am still in overnight tonight, started at 10p a pip am now on 20p a pip, onwards and upwards,(hopefully), from here on in

 

[Splitlink]

I have tried the demo accopunts, made money over a four week period and now want to go live.

I want to put in £10k so i dont want more than one account.

Can anyone tell me which ones are the best in their opinions.

I like to be able to rolloover without the bet being closed and re opened outside trading hours and with a increase/reduction to my account each night too.

Also important as always narrow spreads.

I just would like to know who the good guys are and more importantly who the bad guys are.

I'm with Finspreads and have been since they existed, almost. No problems although all SB firms get some stick from disgruntled clients! They will allow you to trade from 50p per point, a few weeks for 10p at first if you use their academy. Plus they "give" you something, 70 quid, I think, to start with.

Believe me, forget £10k for a while, until you are proficient. I think that is the best advice I could give you. Open an account for £200 and trade with low stakes for a while.

Good Luck

 

[gle101]

If I were a newbie I would go for CFDs instead (micro lots). In Sweden as a private person we are allowed to deduct 70% of the losses, but have to pay 30% tax if you are on the plus side at the end of the year. The first year will be a year of learning and will probably result in a loss anyway. I agree with Black Swan and Splitlink, 10k, awful lot of money to start with. If you go for a SB company be sure they offer a predefine stop loss. No use to afterward stressing yourself up messing around with a stop loss.

The "bad" guy is probably lack of experience, the only way is to get in there and start learning.

 

[Jack Hughes]

As an alternative, with $2000 you can open a proper futures account through a US firm and trade the real markets, then at least you'll only have yourself to blame when/if you lose money.

 

[gle101]

As an alternative, with $2000 you can open a proper futures account through a US firm and trade the real markets, then at least you'll only have yourself to blame when/if you lose money.

Are you joking?

 

[Splitlink]

As an alternative, with $2000 you can open a proper futures account through a US firm and trade the real markets, then at least you'll only have yourself to blame when/if you lose money.

You might have more experience than me, it's years since I was with a broker. $5000 was not enough. If you are a novice , you'll lose it and it's not enough to get on your feet again.

 

[Jack Hughes]

Are you joking?

Only slightly. The thread starter said he wanted to put £10k in, which is plenty to daytrade e-mini ES, NQ or YM. One tick YM is the equivalent of just over a £3 stake, and RT commission about the same, and for one contract you need $500 margin.

 

[montmorencyt2w]

Tradefair have reasonably narrow spreads (e.g. 1 pip EUR/USD, 2 pips GBP/USD), and for rolling bets, they do not close and re-open your trade (a feature I like very much).

TF are a white label partner of LCG. Capital Spreads is part of LCG and has the same spreads (for those that I have checked). I didn't like the old platform, but they have just launched a new one that looks interesting.

I'd agree with Black Swan that if you are new to trading real money, then start with a small account (although not too small) and keep to low leverage; don't put the whole 10k in to begin with.

Yes, EUR/USD is nice and liquid, as is GBP/USD, although I'd say the latter in particular is tricky for a newbie. Both can make large pip moves in a relatively short time, so be careful. However, GBP/USD (cable) often follows tradeably predictable patterns. (Watch what often happens around NY open, NY lunch, London close, NY close, for example). EUR/USD often correlates with gold and oil. Traditionally the USD inversely correlates with the stock market, and also with the price of gold, but these correlations sometimes break down.

May your trading be rewarding.

 

[gle101]

Only slightly. The thread starter said he wanted to put £10k in, which is plenty to daytrade e-mini ES, NQ or YM. One tick YM is the equivalent of just over a £3 stake, and RT commission about the same, and for one contract you need $500 margin.

Yes I agree, if you like to trade in these sizes futures is the way to go, this of course, if you apply proper money management. I got the impression he was a newbie and that puts it in another perspective.

 

[Luminox]

I have tried the demo accopunts, made money over a four week period and now want to go live.

I want to put in £10k so i dont want more than one account.

Can anyone tell me which ones are the best in their opinions.

I like to be able to rolloover without the bet being closed and re opened outside trading hours and with a increase/reduction to my account each night too.

Also important as always narrow spreads.

I just would like to know who the good guys are and more importantly who the bad guys are.

While I don't presume you would invest the £10k recklessly, I would suggest reconsidering the amount, given all you're going on in respect of how successful your strategy might be is four weeks demo account trading.

The psychological difference between demo account trading and actual trading is such that it would almost certainly disadvantage you were you to view them the same.

That being said, it is up to you and if whatever it is you're doing works, then that's that.

 

[temporarilylight]

I have tried the demo accopunts, made money over a four week period and now want to go live.

I want to put in £10k so i dont want more than one account.

Can anyone tell me which ones are the best in their opinions.

I like to be able to rolloover without the bet being closed and re opened outside trading hours and with a increase/reduction to my account each night too.

Also important as always narrow spreads.

I just would like to know who the good guys are and more importantly who the bad guys are.

Have you taken the plunge yet? Results stil holding up? (if not on live then on demo)