spread bettings starting out questions...

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samills70

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Posted this in first steps by mistake when I should have to come to ask the pro's under this category instead. Sorry quite new trade2win as well :)

"Hey everyone,

I am keen to start spread betting after having read some books on trading but there is the ever lingering question of data sources. Quotetracker is free but it seems the only reliable realtime data you can get would have to be from a subscribed source like marketfeed.com. However marketfeed doesn't cast for the LSE at all only US. So which source would you guys suggest for reliable realtime data that doesn't cost too much? Also was wondering which spreadbetting company to sign up with (was leaning strongly towards IG index till I started reading horror stories, and ever time the name IG index comes up that con artist vince stazione is mentioned so I will steer clear of them like the plague)?"
 
Hi,

You will get free real time data on any spread betting platform you sign up to. Generally The spread betting companies add their extra spread to the market price. On shares in the UK its usually market bid price -0.075% for their bid, market ask price +0.075% for their ask. If its Level 2 data your after you should consider an account with CMC via digital look, the level 2 is free on the platform.
 
New 2 spread trading have done a little bit with a five figured sum, have had some success and wins.
What is the best time of day to enter trading on the forex market, i am lead to believe 9.30 am to 11 am has a high volume and 2.30 pm to 4 pm has a high volume please advise.

Have charting systems in place, financilal instructions on direction of trades based on analysis of previous 24 hour movement and correlatation. only risking 1.5 to 3 % of working capital @ any one time, have a strategy and daily journal and spread sheets on all contracts entered into looking @ a 4 hour timeline on each daily position.

Please advise if i am doing the right thing.

Ta The captain106.
 
Hi TheCaptain106:
You won't like what i'll say but here's my advice:
(1)Withdraw all funds from your real account.
(2)Then open a demo one with 5 figure sum.
(3)Double the account balance three times.
(4)Put funds back into real accounts.
 
Thanks Ger, appriecate your input i am taking instructions from PIA Max Knudsen.
Have been trading from last year on and off, have done demo account.

Would appriecate anymore input guys i am based in Northern Ireland, i am looking @ this as a second income.
Ta The Captain.
 
TheCaptain106 said:
New 2 spread trading have done a little bit with a five figured sum, have had some success and wins.
What is the best time of day to enter trading on the forex market, i am lead to believe 9.30 am to 11 am has a high volume and 2.30 pm to 4 pm has a high volume please advise.
Click to expand...
Sounds about right. Busier when the London and NY sessions co-incide. UK morning and afternoon tend to have a different pattern, probably because of NY coming on board.
You might want to be watching earlier than 09.30 though, if you have the opportunity.

UK evening tends to be a bit thin, then things get a bit busier overnight in the Asian sesion, but I wouldn't suggest trading it unless you like the graveyard shift.

If you ever decide to trade shares instead or as well, go and see Mr Charts (Richard) in the Equity part of the forum. He trades US stocks in the NY morning, our afternoon. (They tend to move more, he says).

While trading Forex, it's worth keeping an eye on oil, gold and the major stock market indices even if you never trade them.

Have charting systems in place, financial instructions on direction of trades based on analysis of previous 24 hour movement and correlation. only risking 1.5 to 3 % of working capital @ any one time, have a strategy and daily journal and spread sheets on all contracts entered into looking @ a 4 hour timeline on each daily position.

Please advise if i am doing the right thing.
Click to expand...

Sounds like you are pretty well sorted. I would bet small until you are really comfortable with it all.

Good luck.
 
samills70 said:
Posted this in first steps by mistake when I should have to come to ask the pro's under this category instead. Sorry quite new trade2win as well :)

"Hey everyone,

I am keen to start spread betting after having read some books on trading but there is the ever lingering question of data sources. Quotetracker is free but it seems the only reliable realtime data you can get would have to be from a subscribed source like marketfeed.com. However marketfeed doesn't cast for the LSE at all only US. So which source would you guys suggest for reliable realtime data that doesn't cost too much? Also was wondering which spreadbetting company to sign up with (was leaning strongly towards IG index till I started reading horror stories, and ever time the name IG index comes up that con artist vince stazione is mentioned so I will steer clear of them like the plague)?"
Click to expand...


I don't think IG are that bad actually, but there are a number of other good alternatives.

If you read the older threads in this part of the forum you should begin to get a feel. Also this site is somewhat helpful, although I think a lot of the reviews are out of date, unfortunately:

http://www.financial-spread-betting.com/

Have a good look around that site. It's full of useful bits and pieces. It's not my site, I hasten to add!
 
IG is pretty good for newbies as they have an excellent education serivce with their TradeSense and for new members bets start from on 10pence per point. Useful for finding your feet without huge outlays.

Finspreads and CMC also have reduced inital bets.
 
samills70 said:
Posted this in first steps by mistake when I should have to come to ask the pro's under this category instead. Sorry quite new trade2win as well :)

"Hey everyone,

I am keen to start spread betting after having read some books on trading but there is the ever lingering question of data sources. Quotetracker is free but it seems the only reliable realtime data you can get would have to be from a subscribed source like marketfeed.com. However marketfeed doesn't cast for the LSE at all only US. So which source would you guys suggest for reliable realtime data that doesn't cost too much? Also was wondering which spreadbetting company to sign up with (was leaning strongly towards IG index till I started reading horror stories, and ever time the name IG index comes up that con artist vince stazione is mentioned so I will steer clear of them like the plague)?"
Click to expand...

First rule on here, don't believe everything that is said here...! IGIndex is pretty good IMHO, i've used IGIndex, CityIndex, CapitalSpreads, Tradefair, and I rate IG's platform the best personally for the way I trade.
 
IG's interface is clear, simple and very straightforward and works. Can't speak for forex (don't want to get involved in the endless debate on spreads which sometimes appears to be more important than having a profitable strategy) but for US stocks, the range is very wide and from what I've seen is far better than the competition. Fancy interfaces, coloured screens and all the rest is ok but not a lot of use if you can't trade what you want.

Had absolutely no probs with IG (famous last words)!
 
0007 said:
IG's interface is clear, simple and very straightforward and works. Can't speak for forex (don't want to get involved in the endless debate on spreads which sometimes appears to be more important than having a profitable strategy) but for US stocks, the range is very wide and from what I've seen is far better than the competition. Fancy interfaces, coloured screens and all the rest is ok but not a lot of use if you can't trade what you want.

Had absolutely no probs with IG (famous last words)!
Click to expand...

They've always been ok with me too, although I've never taken as much lolly off them as I would have liked, so perhaps they didn't mind having me around.
 
You can always try a demo - a few providers offer them e.g. Cap Spreads, GFT

samills70 said:
Posted this in first steps by mistake when I should have to come to ask the pro's under this category instead. Sorry quite new trade2win as well :)

"Hey everyone,

I am keen to start spread betting after having read some books on trading but there is the ever lingering question of data sources. Quotetracker is free but it seems the only reliable realtime data you can get would have to be from a subscribed source like marketfeed.com. However marketfeed doesn't cast for the LSE at all only US. So which source would you guys suggest for reliable realtime data that doesn't cost too much? Also was wondering which spreadbetting company to sign up with (was leaning strongly towards IG index till I started reading horror stories, and ever time the name IG index comes up that con artist vince stazione is mentioned so I will steer clear of them like the plague)?"
Click to expand...
 
Nothing wrong with IG index, having used many SBs I have now settled on IG and trade solely with them. Large range of markets. 24hr opening, loads of tools and features and fast moving prices.
 
Not sure there's "nothing wrong with IG Index"! No SB firm offers the best of everything all round - it's worth having at least 2 accounts just in case.

Hoggums said:
Nothing wrong with IG index, having used many SBs I have now settled on IG and trade solely with them. Large range of markets. 24hr opening, loads of tools and features and fast moving prices.
Click to expand...
 
I have an account with both IG and Capital Spreads and find this is suitable for me. I also keep my ear to the ground for offers from other spread betting companies as they are keen on recruiting new clients at the moment.
 
Finspreads in my opinion is better than IG for the new trader because most of their minimum trades are 50p whereas IG's are £1-£2 and that's usually far too much.

If you want to have any chance of success with the SBs then for the first 6 months ONLY TRADE THE MINIMUM AMOUNT. Fins also offers 10p for the first 2 months and that's perfect.

Trade more and you run the real risk of blowing a major proportion of your account while you're learning so when you sort of know enough you won't have any cash left, or will need to make in excess of 100% to get back to where you started.

There are no minor leagues with trading, you start playing with the big boys on day 1, traders who have taken years to perfect their game. So what makes you think you can compete for the same profits as they're competing for?

Good luck, play safe and small and you've got a chance. Think you know otherwise (and most do, including myself when I started) and you've got about a 1% chance.
 
funkymusician said:
I have an account with both IG and Capital Spreads and find this is suitable for me. I also keep my ear to the ground for offers from other spread betting companies as they are keen on recruiting new clients at the moment.
Click to expand...

Be careful with the special offers as their conditions usually make it that you have to put a large bet on to qualify, or maybe a few large bets. Do that and you'll probably find you lose more than they pay you.
 
anley said:
Finspreads in my opinion is better than IG for the new trader because most of their minimum trades are 50p whereas IG's are £1-£2 and that's usually far too much.

If you want to have any chance of success with the SBs then for the first 6 months ONLY TRADE THE MINIMUM AMOUNT. Fins also offers 10p for the first 2 months and that's perfect.

Trade more and you run the real risk of blowing a major proportion of your account while you're learning so when you sort of know enough you won't have any cash left, or will need to make in excess of 100% to get back to where you started.

There are no minor leagues with trading, you start playing with the big boys on day 1, traders who have taken years to perfect their game. So what makes you think you can compete for the same profits as they're competing for?

Good luck, play safe and small and you've got a chance. Think you know otherwise (and most do, including myself when I started) and you've got about a 1% chance.
Click to expand...



From the small stakes point of view, Smart Live Markets has them all beat, as they have permanent minimum stakes from £0.10/pip. Also, you get to play with MT4.
 
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