Spread Betting As A Full Time Occupation
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Spread betting as a full time occupation...
Spread betting as a full time occupation...
Not for a company, but on your jack at home with your own cash.
Assuming a 6/12 month knowledge of markets and a reasonable initial investment of say circa £2k.
Do you think you could turn a profit of £1500 net a month?
Treating it as a full time occupation for say 6-7 hours a day.
Edited by Timmy35 on Tuesday 27th July 14:38
My initial thought was that 2k was certainly too low to take into account an early loss.
Mainly looking at commodities, precious metals and maybe a dabble with fx.
My initial thought was that 2k was certainly too low to take into account an early loss.
Mainly looking at commodities, precious metals and maybe a dabble with fx.
My initial thought was that 2k was certainly too low to take into account an early loss.
Mainly looking at commodities, precious metals and maybe a dabble with fx.
Thanks Tim. Cleared it up very well.
Maybe I can use it to supplement another home-based income instead...
Sure anyone with £2k just needs his wits about him and can earn over £20k gross a year day trading, it's really easy... not.
Link says minimum $100k, but has no sources.
http://www.edubook.com/day-trading-for-a-living/25...
Apparently wikipedia says 90% of day traders fail but I couldn't find that reference either.
So let's do the math, working backwards from £1,500 per month.
Total per year is £18k.
Since the markets return on average 7% a year and assuming you can match the market (remember most full time investment management professionals with years of experience fail to meet even the market) then you would need just over £250k to generate that kind of return.
That of course forgets to include trading costs. Since you are talking about 6-7 hours a day then presumably you would be doing a fair few trades.
Say £10 each? What minimum of 5 trades a day? So £50 x 250 trading days a year means you need another £12.5k just to make your trades.
So you need to earn c.£30k per year in total. Again assuming 7% returns that implies £430k or so.
£2k? Not so much...
Just think for a minute what you are suggesting.
You are suggesting that you can almost double your money EVERY MONTH.
You are suggesting that with less than a year's training someone with £20k could earn £15k per month (just multiplying your numbers by 10).
That is a gross income of c.£300k.
Why on earth wouldn't the whole world be doing this wonderful work?
Sure with spread betting you can lever up. Minimum deposits are typically 10% so your £2k could allow you to make an investment the same size as a £20k unlevered position.
You are still orders of magnitude away from the capital required.
Just my 2p.
If you really think you can earn return of 7.5% per month (£1,500 over your £2k levered 10x), then I strongly suggest you send your trading history and CV to Man Group, GLG Partners, Gartmore or Marshall Wace.
They will pay you a lot more than £1,500 a month.
Assuming a 6/12 month knowledge of markets and a reasonable initial investment of say circa £2k.
Do you think you could turn a profit of £1500 net a month?
Thanks Tim. Cleared it up very well.
Maybe I can use it to supplement another home-based income instead...
Is anyone on here admitting to doing this for a living?
All I see is a lot of maybe this or that. The problem with asking people on anonymous forums is you dont know whats true and whats not.
You could make a go of it with 2k if luck was on your side but you would probably lose it quicker. Learning to trade initially with pretend money might help.
If you start to look at the maths then its all about Risk : Reward and Win Ratios. I certainly think its possible. But how do you pay your mortgage / rent in those 12 months while you figure it out?
I met a guy through work who lost his home, wife and kids trying to figure it out. He went broke in 7 months gambling on oil while trying to hold down a full time job. He went to various gambling anonymous meetings and met several other people who had all done the same thing. It was not a nice story.
Is anyone on here admitting to doing this for a living?
All I see is a lot of maybe this or that. The problem with asking people on anonymous forums is you dont know whats true and whats not.
You could make a go of it with 2k if luck was on your side but you would probably lose it quicker. Learning to trade initially with pretend money might help.
If you start to look at the maths then its all about Risk : Reward and Win Ratios. I certainly think its possible. But how do you pay your mortgage / rent in those 12 months while you figure it out?
I met a guy through work who lost his home, wife and kids trying to figure it out. He went broke in 7 months gambling on oil while trying to hold down a full time job. He went to various gambling anonymous meetings and met several other people who had all done the same thing. It was not a nice story.
Is anyone on here admitting to doing this for a living?
Is anyone on here admitting to doing this for a living?
All I see is a lot of maybe this or that. The problem with asking people on anonymous forums is you dont know whats true and whats not.
You could make a go of it with 2k if luck was on your side but you would probably lose it quicker. Learning to trade initially with pretend money might help.
If you start to look at the maths then its all about Risk : Reward and Win Ratios. I certainly think its possible. But how do you pay your mortgage / rent in those 12 months while you figure it out?
I met a guy through work who lost his home, wife and kids trying to figure it out. He went broke in 7 months gambling on oil while trying to hold down a full time job. He went to various gambling anonymous meetings and met several other people who had all done the same thing. It was not a nice story.
Not for a company, but on your jack at home with your own cash.
Assuming a 6/12 month knowledge of markets and a reasonable initial investment of say circa £2k.
Do you think you could turn a profit of £1500 net a month?
Treating it as a full time occupation for say 6-7 hours a day.
Is anyone on here admitting to doing this for a living?
Well Done for owning up. I'm surprised though that if you found that pot of money at the end of the rainbow that you chose to leave it behind.
Is anyone on here admitting to doing this for a living?
Well Done for owning up. I'm surprised though that if you found that pot of money at the end of the rainbow that you chose to leave it behind.
I read something in a Paper / Magazine [cant remember where] just this weekend about some well known London based commodities trader. He has just bought millions of tonnes of cocoa beans for many $100m. He apparently started out his career as a cycle courier. Now he lives in an 11m gaff in Mayfair or something like that - you get the jist.
Assuming a 6/12 month knowledge of markets and a reasonable initial investment of say circa £2k.
Do you think you could turn a profit of £1500 net a month?
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Spread betting as a full time occupation...
Spread betting as a full time occupation...
Agreed - that trade2win place is bloody awful for all that stuff.
Yep! I often see those posts titled "Can I earn £200 a week from spread betting?" as if it's a guaranteed amount. Sadly, it's when they realise you can't get a set amount that they start taking bigger risks as the deadline for their rental/bills looms and the inevitable happens. I know one guy who must have blown £10k in 3 days trying to meet his target to pay his bills.
90% of all finance "news" is just advertising wrapped up in a different way ...nearly every person or financial "advisor" has an angle, and just wants a cut of your cash, or is manipulating things to their own favour
so bottom line : believe nothing - trust no-one but yourself...if you mess up, its all your fault
What's worse is that there are companies out there that specifically advertise that you can thousands a month by signing up for their special secrets that no one else had.
so bottom line : believe nothing - trust no-one but yourself...if you mess up, its all your fault
What's worse is that there are companies out there that specifically advertise that you can thousands a month by signing up for their special secrets that no one else had.
Down the years, I've met a surprisingly large number of people trading for themselves who are convinced that, on average, they are ahead, yet who strangely never see their bank balances rising very much. I hope that that's not the case of anyone on here, as self-delusion and a trading account are poor bedfellows. A good rule of thumb is that if you need to add money to your trading account, it's not going so well.
.
What's worse is that there are companies out there that specifically advertise that you can thousands a month by signing up for their special secrets that no one else had.
As for tips of bulletin boards. Absolute madness. Why someone would punt their money based on what some random poster says is beyond me. Well actually it isn't it's all greed and lazyness.
Edited by g4ry13 on Wednesday 10th November 23:12
Well, as DonkeyApple suggests above, answer these questions every time you put money on the line:
1) Why am I entering at this price level?
2) Where do I expect the market will get to before I take profit?
3) Where will the reasons for my trade cease to be correct and I should close my trade?
4) How much am I willing to risk losing for this trade?
hi i am new to this forum but noticed a few people discussing spread betting. I spread bet from home on my own account and believe me it has been the hardest thing ever to learn. As many have said before , i spent endless hours studying just one chart which was the ftse 100 rolling daily. As soon as i felt i had found a pattern that worked i was in, and then in again and in again until i blew the lot in a month. For anyone considering spread betting for a living my advice would be not to expect to be profitable consistantly for at least 3 years if you are a novice. I , as many others in the past have said, thought i would be profitable within the first month and that all these books and experts were all talking rubbish when they said 2-3 years before the profits would come. I am sure it is not impossible to make money immediately, but to remain profitable month on month, year on year, in my opinion can only come with experience. We all use the same tools to trade and there is no secret code that will bring you fortunes, it all comes down to your emotions and how to trade without emotion. This is why it took me nearly 4 years to become profitable over a 12 month period,as i couldn't accept i got it wrong. As someone has already said on here, plan your entry,exit,stop before every trade and stick to your plan, if you do this on every single trade without exception then the emotion is taken away because you already know you will be profitable. Believe it or not it can become boring as you are just repeating the same thing over & over again, but having said that i cannot think of another job i would rather do. As i say its taken me nearly 4 years and an awful lot of stress so please don't expect to be rich in a month like a lot of stories you hear, because with most of the stories you hear where "i made £20k in my first month trading" generally are not heard from again as they probably gave it all back and more.
Anyway just my view on it thanks for reading
hi i am new to this forum but noticed a few people discussing spread betting. I spread bet from home on my own account and believe me it has been the hardest thing ever to learn. As many have said before , i spent endless hours studying just one chart which was the ftse 100 rolling daily. As soon as i felt i had found a pattern that worked i was in, and then in again and in again until i blew the lot in a month. For anyone considering spread betting for a living my advice would be not to expect to be profitable consistantly for at least 3 years if you are a novice. I , as many others in the past have said, thought i would be profitable within the first month and that all these books and experts were all talking rubbish when they said 2-3 years before the profits would come. I am sure it is not impossible to make money immediately, but to remain profitable month on month, year on year, in my opinion can only come with experience. We all use the same tools to trade and there is no secret code that will bring you fortunes, it all comes down to your emotions and how to trade without emotion. This is why it took me nearly 4 years to become profitable over a 12 month period,as i couldn't accept i got it wrong. As someone has already said on here, plan your entry,exit,stop before every trade and stick to your plan, if you do this on every single trade without exception then the emotion is taken away because you already know you will be profitable. Believe it or not it can become boring as you are just repeating the same thing over & over again, but having said that i cannot think of another job i would rather do. As i say its taken me nearly 4 years and an awful lot of stress so please don't expect to be rich in a month like a lot of stories you hear, because with most of the stories you hear where "i made £20k in my first month trading" generally are not heard from again as they probably gave it all back and more.
Anyway just my view on it thanks for reading
hi i am new to this forum but noticed a few people discussing spread betting. I spread bet from home on my own account and believe me it has been the hardest thing ever to learn. As many have said before , i spent endless hours studying just one chart which was the ftse 100 rolling daily. As soon as i felt i had found a pattern that worked i was in, and then in again and in again until i blew the lot in a month. For anyone considering spread betting for a living my advice would be not to expect to be profitable consistantly for at least 3 years if you are a novice. I , as many others in the past have said, thought i would be profitable within the first month and that all these books and experts were all talking rubbish when they said 2-3 years before the profits would come. I am sure it is not impossible to make money immediately, but to remain profitable month on month, year on year, in my opinion can only come with experience. We all use the same tools to trade and there is no secret code that will bring you fortunes, it all comes down to your emotions and how to trade without emotion. This is why it took me nearly 4 years to become profitable over a 12 month period,as i couldn't accept i got it wrong. As someone has already said on here, plan your entry,exit,stop before every trade and stick to your plan, if you do this on every single trade without exception then the emotion is taken away because you already know you will be profitable. Believe it or not it can become boring as you are just repeating the same thing over & over again, but having said that i cannot think of another job i would rather do. As i say its taken me nearly 4 years and an awful lot of stress so please don't expect to be rich in a month like a lot of stories you hear, because with most of the stories you hear where "i made £20k in my first month trading" generally are not heard from again as they probably gave it all back and more.
Anyway just my view on it thanks for reading
Just spent the last hr or so reading the whole thread and found it interesting.
My own tale is somewhat different to the stories others have posted. I'd been trading roughly 10 months when in May 2010 I suffered a margin call. I had just arrived from Dubai in Australia and checked a few charts and saw an interesting setup on EURJPY. I entered a long position and went to bed for the night after a 20hr journey. Whilst sleeping I was blissfully unaware of the Dow flash crash that occurred which sent EURJPY tumbling several hundred pips from 119.000 to a low of 110.xx.
I woke up to check the P/L to find an empty account. Sheer disbelief washed over and utter panic set in. I check the account history and found I had entered 11.90 as my stop loss not 119.00. To say I was devastated would be an understatement as it was my only means of an income and all I had in terms of savings.
After 3 weeks of numbness I set about rebuilding myself and starting over. My wife and I discussed it at great length and we decided I'd use our daughters $3,000 inheritance from her great grandmother to get me going again. I also decided to publish my strategy and was lucky enough to be picked up by Agora who are a massive publishing firm in the UK. After several months of beta testing by their team I got the green light and my strategy went on sale.
8 months on and I'd like to think it is now the most popular, well liked system ever to be released by Agora. I have also met an extremely talented programmer through my sales and together we're building a fully automated version of what I trade day in day out and after 9 weeks of beta testing it is looking extremely promising and better than we'd hoped.
There are those who claim you should never sell a strategy if it's profitable yet I obviously disagree as I did just that. The fx market is so huge and deep in liquidity that the chances of it losing it's edge is too remote to even think about.
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