Toe in the water or read first?

[manrow]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

 

[pboyles]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

Don't get involved with spread betting, you'll most likely lose your money.

 

[the hare]

Don't get involved with spread betting, you'll most likely lose your money.

Oh i don't know, Peter Cruddas seams to have done ok out of the old spread betting game.

 

[BeginnerJoe]

I would go all in and get it over with. There was a story of a guy from BT making tons. If you also work for BT, perhaps your chances will increase.

 

[bbmac]

Do you have a proven edge ,? do you know what an edge is (and is not,?) do you know what you need to know about that edge re it's typical - maximum distribution metrics and why you need to know this info,? have you closed the ' profit gap ' with this edge ? do you know what it is and why it may exist for you as it does for most,? and have you any idea how to close it given the particular edge you have chosen to trade ?

I am guessing that after '..several days...' reading you may struggle with the answers to the questions above but they are crucial to your chances of success - measured by long term consistent gains from your chosen market (s.)

You won't want to hear this - but be thinking 3-5 years before you can say you are consistently profitable as described above, or - for you - if exceptionally / naturally talented re trading - it may happen sooner - this is possible but not probable.

Good Luck on your journey, and if you do decide to start live trading anytime soon - welcome to your most probable new career as a liquidity provider !

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

 

[WR1]

better off saving your cash for a month or two, at least
(maybe spend it on beer instead?)
unless you would like to see how to loose more money in a few minutes than you ever thought possible

best off demoing instead for a while

Forex Strategies Classified | Forex Strategies & Systems Revealed

How many of us will succeed in Forex? | Forex Strategies & Systems Revealed

 

[Shakone]

Toe in the shark infested water or read, is a better way to think about it.

 

[15 min tlb]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

After learning for 3 to 5 years , you will realize trading is very easy and simple , if you go to the right people it will take a few months .After five years of learning , you may realize 80 % of trading is psychology , something that is often impossible to master .

 

[timsk]

Hi manrow,
Welcome to T2W.

Spread betting is indeed a tax efficient way to trade the markets - but it has its pitfalls. Before trading real money, you would be well advised to familiarize yourself with all the pros and cons of the different ways to trade. There is no right way - or 'best' way - only the way that is right or best for you. I suggest you research the resources on T2W - starting with the first two links in my signature and, bit by bit, the fog will start to lift. Once you're familiar with the different trading vehicles and their various pros and cons, you'll be able to decide what's right for you.
Enjoy!
Tim.

 

[manrow]

Hi manrow,
Welcome to T2W.

Spread betting is indeed a tax efficient way to trade the markets - but it has its pitfalls. Before trading real money, you would be well advised to familiarize yourself with all the pros and cons of the different ways to trade. There is no right way - or 'best' way - only the way that is right or best for you. I suggest you research the resources on T2W - starting with the first two links in my signature and, bit by bit, the fog will start to lift. Once you're familiar with the different trading vehicles and their various pros and cons, you'll be able to decide what's right for you.
Enjoy!
Tim.

Thanks for your helpful links; I am currently reading fast but would like demo accounts and video explanations on how to do things.

 

[ILikeCCI]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

The two biggest pitfalls are probably day trading and your % risk being too high on each trade. It should only be 1% really.

Just trade Forex end of day and risk 1% on each trade. Also don't trade correlated or inverse correlated currency pairs simultaneously is another good tip.

You can trade FXCM microlots and keep your risk to only about 1% with only a few K in capital. You can only go as low as 50p a pip with spread betting but with FXCM you can go as low as about 10p a pip with microlots.

 

[barryb]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

Read for a month or 2, come up with a trading plan and rules, and then put £100 into a spread betting account betting pennies per pip and religiously follow your plan. Log every result and comment on observations both on the market, and on yourself. After you've lost that £100, review your log (ideally 300+ trades) and decide whether it your poor execution of the plan, or a negative expectation strategy, which caused the loss. If it was yourself, work on your ego, and if it was your strategy do more reading; find someone who you know is profitable and read their books (Curtis Faith and Mark Fisher are 2 to start with).

 

[NVP]

10,000 hours

 

[BeginnerJoe]

10,000 hours

No. Definitely doable in 1 year.

 

[15 min tlb]

Thanks for your helpful links; I am currently reading fast but would like demo accounts and video explanations on how to do things.

Go to this thread and use the free system and method ....and there are countless links to videos on youtube on how to trade.

http://www.trade2win.com/boards/forex/162600-box-breakout-pro-scalping.html

If you need help , find a paid mentor or ask questions on the thread , but everything is there for free.

Any questions you have , just google and you will get answers.

 

[15 min tlb]

No. Definitely doable in 1 year.

Not with the way your brain is wired , I mean it is not wired to be profitable.

 

[Liquid validity]

Read first.
Understand that risk should be your primary focus, especially now.
Don't trade any ideas, methods or systems from anyone else.
You neither understand them right now, or even know if they are suited to
you in terms of risk, how often they trade etc.

Once you do understand that, you'll realise that you have to largely find
your own way.
Personally, I would suggest starting by reading the market wizards books (google).
They are more inspirational than a blueprint for how to trade.
the main things you will pick up are that you need to find a way of trading that suits you.

Also all the traders featured do have one thing in common despite their different approaches.
They all focus on risk as the foundation of all else.
Those books will just be a starting point for further reading and thought.
If you are after quick easy money, forget it now.

 

[15 min tlb]

I am considering spread-betting as a tax efficient way to invest. I have spent several days trying to study the basics but feel that a practical attempt at making trades is probably the only answer.
Are there any websites that provide tutorials demonstrating the best way to proceed and perhaps showing some pitfalls?

9 inches of matter is where it all fails.It does not matter what books you read , even if you have a profitable system , it can result in losses.


http://www.trade2win.com/boards/trading-psychology/165064-9-inches-makes-successful-traders.html

 

[georgedon]

Read first. Look at the websites of the spread betting companies, they will explain the basics, check out the sites of IG Index, Capital Spreads, CMC Markets, City Index, ETX Capital.

 

[georgedon]

Also City Index, CMC Markets, Capital Spreads all offer demo accounts.