who spreadbets at £100 per point ?

ffsear

Senior member
2,242 489
T&S on the Dow yesterday via IG filtered by 100+ , So only 4 orders filled.

1625322394982.png


If you're looking to get on size I'd suggest clips of 20 and scale in and out.
 

ffsear

Senior member
2,242 489
Plenty of size going through on the ES though. This is why day traders prefer this market

1625322574555.png
 

ffsear

Senior member
2,242 489
Why not trade futures?
I know people who daytrade 70 (SEVENTY!) ES contracts. Madness.
Not sure what the equivilent even is in terms of £ per point with a spreadbet broker- like £500 per point ish?

That's $3500 a point in S/B terms I believe.
 

bermudaboy

Junior member
10 3
Why not trade futures?
I know people who daytrade 70 (SEVENTY!) ES contracts. Madness.
Not sure what the equivilent even is in terms of £ per point with a spreadbet broker- like £500 per point ish?


ps - to answer your question my dad used to trade about £100 per point with CMC. Don't think he had too many issues, although this was about 15 years back
If your dad had no problem at £100 that sounds good to me. If I did achieve this level and possibly even more per point maybe having more than one sb account and spread the amount ie £200/£300 around the accounts. How did your dad do with his trading over the years.?
 

lexcorp

Experienced member
1,977 562
If your dad had no problem at £100 that sounds good to me. If I did achieve this level and possibly even more per point maybe having more than one sb account and spread the amount ie £200/£300 around the accounts. How did your dad do with his trading over the years.?
He made a decent chunk of money (maybe £250k or so) in a year or 2 trading the dow and spx.
A lot of them gains were due to following the calls of a trader he met in some AOL chatroom or something! (he met an amazing dow trader and followed her calls) - Lost contact with her. Carried on trading on his own, but slowly started bleeding money and had the good sense to quit after he'd given back maybe 90k or so. Decided he didn't actually have an edge and had just gotten lucky

The guys I know who are trading 70 ES lots are consistently profitable and make so much money that i'm not sure anyone would believe me if I told them lol.
 
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bermudaboy

Junior member
10 3
He made a decent chunk of money (maybe £250k or so) in a year or 2 trading the dow and spx.
A lot of them gains were due to following the calls of a trader he met in some AOL chatroom or something! (he met an amazing dow trader and followed her calls) - Lost contact with her. Carried on trading on his own, but slowly started bleeding money and had the good sense to quit after he'd given back maybe 90k or so. Decided he didn't actually have an edge and had just gotten lucky

The guys I know who are trading 70 ES lots are consistently profitable and make so much money that i'm not sure anyone would believe me if I told them lol.
Good to hear your dad got out ahead. Yep them Traders who do 70lots I can do the maths on my points profit per month. It's mental but having the margin at today's leverage is also silly money. 200 grand is needed really to trade Dow at £100 point but is achievable and I'm happy making a consistent +200 pts per month.
 
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peto

Established member
964 107
Who would trade with broker who charges a 1.6 spread, let alone 8 pips.

There are much better brokers out there. You can even get DMA spread betters if you want.

I refute the 'tax is cheaper' argument. Assuming the trader is profitable, an 8 pip spread is cheaper than a 32%-52% tax. The problem with a an 8 pip spread is not the tax, it's just not workable in 99.99% of strategies.
"You can even get DMA spread betters if you want."... who does that? Kyte Group tried it years ago, no longer available.
"Who would trade with broker who charges a 1.6 spread, let alone 8 pips. There are much better brokers out there." ... like who?
By the time I've paid for a data feed, charting program, exchange fees, DMA broker fees and the spread, the 1.6 spread from a fast platform spreadbetter doesn't seem so bad, and no accountant or tax reporting required.
 
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peterpies

Newbie
3 1
"You can even get DMA spread betters if you want."... who does that? Kyte Group tried it years ago, no longer available.
"Who would trade with broker who charges a 1.6 spread, let alone 8 pips. There are much better brokers out there." ... like who?
By the time I've paid for a data feed, charting program, exchange fees, DMA broker fees and the spread, the 1.6 spread from a fast platform spreadbetter doesn't seem so bad, and no accountant or tax reporting required.
My bad,

I was thinking about these, which say they are spread betting,


But when you dive into the 'KID', they are CFD's and not spread betting.

 
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lexcorp

Experienced member
1,977 562
The guys I know who are trading 70 ES lots are consistently profitable and make so much money that i'm not sure anyone would believe me if I told them lol.
And here he is today shorting all of the indicies and currently sitting on about 400k for the day lol

1625588714738.png
 

wallstreetwarrior87

Senior member
2,068 389
You are over complicating things. If you are trading size via SB, you should be swinging over a 3 to 5 day period, that way timing is less important, and because of this you can split your trades. So if you wanted to do say £300 you can split it into 3 x 100 trades at a spread of 1.6, and off load when you see fit.

As your size increases you have to adapt your style. For example when I scalp I can get in for £50 a point sometimes, but on average £20 seems to be the uncle point (for whatever reason), so it makes no sense to carry on this way when I can swing for £200 a point without having to worry about slipping a point (which you do when scalping).

Once you gain pro status, margin is less of a b*llache. But margin is dangerous if you don't respect risk. BTW having pro status doesn't alter your tax implications, as this is relevant to the instrument/vehicle you are using to trade. 😜
 
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bermudaboy

Junior member
10 3
Ever thought about a second account? With the same broker (not so easy) or another.
Yep a few accounts and divide the amount so as to keep the small spread is viable I suppose. Getting the trade on at around the same time/price would be the difficulty before it moved away from my entry price.
 
 
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