spread betting

thanks for you replies :-0

i totally agree with you jaykay, emotion played a big role in my losses, money management was somthing i had no time to think about coz i just had too much going on. if i had time then i am 100% sure that this would not have happened. i had to make decisions when ive had a 16 hour day :eek:

when losses started to widen emotion kicked in, i only thought about the gains not the losses. i started to take frautration on the market which is something you cant afford to do. £10k i lost gradually, the other money lost in just a few trades :devilish:

the heartless fuc*** vince lead me to believe that there is a quick fix to this big problem. im so glad i came on here otherwise i would have added another £3K plus the losses on trades which i would make!!!!

its true that i have to stay away from the markets for a little while, but what will i do until then. cant afford to get more depressed. i wanted to start studying again in september, stock market is the only way for quick money(or losses :cry: ), i would get a job but wouldnt be able to concentrate, im on a sicknote till feb.

its worst then what ive decribed really, much worst, i could have avoided all this if i had time, or if i didnt have bad luck. ( when your in stress, to much going on and emotional please dont trade!!!!! ) nomater how hard a person tries, destiny is what decides success or failure. you might know nothing on the markets but can make a fortune, you may know everything become broke. nometer how hard you plan, minimise the risk etc its all destiny... :cry:

example of bad luck :arrowr: i set a limit, but then bought the share at best, forgot to cancel the limit, bought twice by "mistake" that was mytravel at 18p, capital tied 20k, had to sell at 10 even though i knew this was about to fly again as i needed to meet a settlement date.after i sold it, went upto 16 in just a week! i went a bit sick trading 2 - 3 trades a day average £5k when i came home exactly what i predicted happened which gets to me the most, i could have avoided that by having a stop loss but everytime i came home i would see its gone down more, eating away all the profits.. . i didnt have no fuc*** time, instead im nowhere now, neither in trading nor uni nor work.... :(

instead of selling "accidentally" bought more! that share tumbled. lost more than 6k :mad:

the shares that i had picked all went up, when i mean went up, average return of roughly 250 - 300% annually on 20 shares,
"bad luck" cost me coz my capital was tied up, i watched the shares i could have bought fly, instead mine were drowning, then instead of waiting for an opportunity i made it.. scipher bought at 8p worth £10k, went down bought more(my frustration), again went down bought more and more and more adding to £20k, i didnt realise the settlements wouldnt meet coz i was just too busy with exams near. then i had to sell my holdings to make up the money, and borrow and borrow. the holdings after went up.... at any point i could have avoided everything.

natwest stockbrokers gave me a £10k limit even though all 3 of my accounts were in overdraft!! on t +10, i received the confirmation just before the day i bought scipher.. otherwise i wouldnt have bought more and more.. ... still hold some scipher shares, hopefully that will go up to 10p by august, also interaliance added to the sorrow today which i held at 2.25, went up 30% today. all the holding i sold went up 40% on avarage in a 4 week period including interaliance ALY which went up 30% today

i could have made a killing but instead am nowhere....
hence the name destiny :cry:

hi waytogo, why shall i not start up with a spread betting company?

i have another option, that is too place bets on horses, register with a good tipster and open a betting account, it supposed to be easy money or i can make a book of what not to do;)
 
what not to do meaning, the wrong things to do in spread betting/share dealing. what to avoide etc etc
 
Im not sure where u heard that backing horses was easy money, if u believe that then u are very naive
 
destiny,

There is no such thing as easy money in spite of what all these Horse Racing tipsters make out.

If you are serious about considering using a tipster service then register at this website and ask others on the "Tipsters" section for advice about who you may be considering using.

Virtually every tipster is known about on this board and none are rated any good at long term returns on money invested. You can do a search and find a lot of information on virtually any tipster.

Also if you click on the "Show Discussions" and change it to "All" there are hundreds of threads.

The other good thing is that they have a systems forum where you can get a lot of information about developing your own system. But I urge you not to sign up to any of these "Too Good to be True" sounding offers because they are just that.

http://www.racing-systems.co.uk/cgi-bin/boardp/boardpower.pl


Paul
 
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Destiny

It is much harder to make money daytrading with a spreadbetting company, because of the spreads. That's not to say it can't be done, and there are people here who do make a living that way, but it is more difficult and better to stick to swing trading or longer term plays with spreadbetting. Also daytrading cannot really be done on a part-time basis - sod's law says that you will miss all of the action when you are away from the computer - if you want to daytrade, you've got to be available full time.
 
Destiny,

Judging from you post. I would say you are a gambler not
a trader. And it seems like you are addicted to it, as you do not
wish to stop.

You should seek help from Gamblers Anonymous or a similar
organisation..

www.gamblersanonymous.org.uk
 
Destiny, i'm a newbie to the markets, and i like to hear the down side as well as the up side to any trade or position or any strategy, but i have got to admit it, from what i can gather you need HELP! If what you are saying is true then maybe you need a psychologist not the markets. Sorry if this seems a bit blunt or maybe even insensitive but surely you can not trade! Hope things get better, PeeDee.
 
destiny I have to disagree with you. It may sound trite BUT the market doesnt care whether you were lucky or unlucky, and thats all that matters. we could all have made a killing with 25k and a few lucky trades. to me it sounds like you jumped into the market and had exactly that, which led you to ignore basic money management principles. I too, as have probably many others felt a certain 'injustice' when things go pear shaped, but again, it does no good unless you learn something from it. No-one made you make those trades etc. Do not pass responsibility for your actions to anything else. Take a break, move on, and when you start again, start small.
 
peedee
i wont get ****ed off with what you said, i think i know what you mean. its not that i cannot trade, if i wasnt studying and working at the same time believe me or not i would have made a killing. appreciate your concern :|

has anyone here heard of bannedbets? horse tipster? apparantly they have made £61980 profit with 3 services they offer, they charge £1500 for all 3 services. http://www.bannedbets.co.uk/.co.uk
 
lol :LOL: im no gambling addict, have no other alternative but to if i want to get myself out of this mess, if you were in my shoes you would understand
 
Destiny, look at Betfair. You seem hell bent on horse racing, betfair has a chat forum for all kinds of betting, and the beauty of it is you can lay too! But judging you from what you are saying on this site you have bigger problems than trading/betting. Something tells me you should leave it all alone because the way things stand they will take money off you all day, when there's money on the line you have got to be honest with yourself and you dont seem up to it( at the moment ). Don't let yourself become a source of income for somebody else it should be the other way round.
 
destiny,

If you want to know about bannedbets.co.uk then do as I have suggested and go to:

http://www.racing-systems.co.uk/cgi-bin/boardp/boardpower.pl

Post a question on the tipsters section and you will get an answer. What I will say is that there are loads of services some claiming £90K a year in profit but they just dont work when you sign up for them. If you really believe that you will make money by horseracing tipster service then ask yourself why hasnt everyone in the Country done the same ? If it were that easy then everyone would.

I am almost certain that if you join any of these services you will end up in more debt and a lot more disappointed than you are now. There are no quick routes to making money if there were everyone would be doing it and they are not.

Also if you are so certain that you would have made money trading if you had not had the other distractions then why are you looking for another system or way of making money ?

From what you have said previously I think you were very lucky to have got your account up to £25K. There is no such thing as being lucky if you are a trader because at some point the luck will go against you and those that survive when this happens (and it happens to all of us without exception) are the ones that will ultimately make a living from trading.

Based on the trades you made in my view your risk exposure was massive and at some point the losses you incurred would have become inevitable.

If you believe that by signing up to any tipster service or other get rich quick scheme is going to solve your problems then you are going to be very disappointed and I know this because I have gone through all of this myself. In the end I wasted over £40K in trading systems, horse racing tipsters, horseracing software, trading gurus, computer software etc you name it and I have tried it and none of it made me any money in the long run all that happened was that I was £40K worse off than if I had done nothing.

In the end the most valuable lessons and information were free.

Please dont kid yourself that there is a quick way out of your situation because there isnt.


Paul
 
Destiny,

If you are to survive as a trader you have to change your mindset. I can relate to your ups and downs & blaming other factors for your predicament but you have to learn from this experience and take responsibilty for your trading.

From what I have read it seems to me that you have given up uni & job so that you can concentrate on make a killing before September & go to uni with no finacial worries - am I right?

It's unlikley to happen. This is a marathon, not a sprint unless you are very lucky.

The first thing you must learn to do is take responsibility for your trades and control your risk. You open them and you close them - no-one else.

Before entering a position you must ALWAYS know what your maximum loss will be - don't look at the trade and think of the money in the bank - I'm sure you do - many of us have been there.

Do you have a trading plan? Do you stick to it? Discipline is the most important element in trading. I fight it all the time - it's hard.

You mentioned a couple of trades where you took the wrong side of the trade by accident. Why didn't you reverse it immediately? I imagine it was because you didn't want to take the loss on the spread & dealing costs so you thought you'd 'see how it goes'. If you thought before the mistake that it was going up why would you pressing the wrong button change what was going to happen to the stock? It won't. I've been there.

Don't wallow in self pity, most of the most sucessful people all get knocked down. It's the ability to pick yourself up, dust yourself down and try again that creates success. You can't do anything about the past it's gone, but you can influence the future by learing from your experiences. You have to move on from your big win in the past or it will ruin your future.

You should start by realising how lucky you are. Many people who get into difficulties wouldn't be able to go home to their parents - I don't have any. You have a roof over your head, food on the table, no dependants and your health if you sort yourself out.

The stocks you are trading are all very high risk. The returns can be huge but so can the costs - as you've found out. You have to be very lucky and market conditions must be just right to get a 5 / 10/ 20 bagger - don't base your entire life around finding one.

I don't know what I would do in your position, but I think you need to face reality and take responsibility for your own actions. Have a plan as to how you will get yourself back to uni in September in the event you don't make a lot of money or get yourself a job. Read up on the phsycology of trading - this is absolutely essential. It won't give yo a trading plan but it will help develop your mindset.

Please take this as positive advice a lot of us went through similar emotions after the dotcom bubble but you learn and move on.

Good luck in whatever you decide to do.
 
Id have made a killing if I had called every trade I ever made correct too!
 
olwenh-one of the best posts i have ever read on this site-totally agree on every point u made

the world and nobody in it owes u anything in this life-the sooner u realise that u make ur own luck the better u will be

theres no point in mopeing around wondering what might have been-my philosophy is that i will never regret anything that i have done as i felt it was right at the time-the only things u should regret are things and opportunities i never took because of a lack of bottle. Even having said that theres no point in dying wondering-what has gone has gone and now just make the best of urself that u can

Good luck!
 
Destiny

I never thought that I would end up posting intimate details of my private life on an internet site,especially one dedicated to financial trading,but I get the impression that you are getting close to meltdown and depression and if you read on you will understand why this is a subject close to my heart.Hopefully at the end you will understand that you can bounce back from what at the time seem like the most savage of blows if you can keep your thinking clear and your goals intact.Apologies in advance to anybody who finds what follows to be boring but I hope that it may help destiny in some way.Here we go:

It's 1994 and life could not be better-been living with somebody for 8 years,I am professionally qualified,we have a business with 2 offices and a turnover approaching £2 million per year,I live in a 4 bedroom detatched house,we have just returned from holiday in the USA,we have 2 brand new cars-a BMW and a Jaguar-and our 5 year old son is in private school.Then I discover that she has been having an affair for months with one of the clients-at this point I decide that I no longer have the appetite for the business and decide to let it go.I face a massive battle and numerous court appearances to get reasonable access to my son as by now I have split up with his mother.There is loads more I could tell but it is all a bit personal and not really for open display.

By the end of 1995 the business has gone and I'm driving around in a J reg Escort shortly to be followed by an F reg Astra-if you feel low now believe me at this point I was at least as low.

Early 1996 and I meet a lovely lady - she has 3 children with whom I get on great-she has come out of a bad relationship and we get on really well.I move into her place-a 2 bedroom flat-and we get married in August 1996.Life is on the up again.

Now it's 1997-I'm working as a minicab driver.A comedown from my £2 million business but I'm meeting people and getting ideas.One night I'm talking to a passenger-he tells what he does for a living,how many hours he works and what he earns.Sounds good and he thinks that I would be good at it.Only snag is that it takes about 4 years of training but what the heck-I sign up.Also in this year my wife gives me the daughter that I always wanted-I have 3 sons at this point-the one mentioned above and 2 older boys from marriage.

In 1998 I continue to study towards my new occupation

1999 and we have another daughter and I'm getting half way through my studies.Were living in a bigger house and how much better can life be.Well doesn't life kick you straight in the b*****ks just when you don't expect it!!I mentioned that I had 2 boys with my first wife-she comes home from work at lunchtime to find the younger of the two has taken his own life 10 days before Christmas.The cause - that little word depression.Such a little word but such a big thing.

Yet again I'll spare everybody the personal details but suffice to say that eventually I was able to pick up on life again and qualify for my new career in 2001.I have virtually no work related stress,work when I want to and if I make the effort earn a good living.Nowhere near to what a successful trader earns I know but thats my next goal in life and one which I am confident that I will reach.

So the purpose of this is just to illustrate the highs and lows of life and just to let you know that some of us know what it's like to be really down.However you will only stay down if you want to be down.My football team used to have the motto on their shirts "Out of Darkness Cometh Light" and that has always inspired me.

So to summarise my advice is as follows

1.Don't go chasing your losses-you will end up as a bigger loser'

2.If you are having trouble repaying the loan explain everything honestly to the lender to discuss rescheduling payments.Be realistic in your proposals to them and don't promise to pay more than you can afford.

3.Don't even think about gambling whether it be on the financial markets or (especially) sport/horseracing.

4.Destroy anything you have from financial "gurus" such as Stanzione and Winters offering you easy riches in return for lining their pockets.

5.Keep away from any "feelgood substances" even when you're really down-believe me they can be killers.

6.Stay away from proper trading for at least 6 months and use the time to learn and regroup your thoughts.Read some of the excellent books recommended on this site and ask questions on these boards on anything which is not clear'

7.Most of all keep talking to others-you will find in times of crisis just how good people can be.Although none of us on this site know you personally I am sure that you will find that we have all tried to do our bit.Friends and family are even more important so never be too proud to ask them for their help and advice.


Good Luck
 
Yep - well said. These things come from the heart, like all good advise. It's a shame, but no matter how often we are given good advise like that, greed can still take the better of us.


You know what to do...
 
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