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Hi
I opened an Ig spreadbetting account and did the courses, I then opened a demo account, but even with a stockbroker advisory service and stop losses on all trades i was 10k down in a month on the demo account. I have decided its not one for me, tred with caution!
SpeedyMeadie don't worry. I doubt we were at school together :) My junior school bully was a girl called Bridget until she fell in a hail of blows. Go Speedy!
ooh, what was Mexico?
good point.
I will only add that whilst it is very risky, it also has high rewards providing you get in early at low prices. I started buying GGP on Spreadbet at 1.85p and margin was minimal (less than £1000 for a £1000 bet). Now a £1000 per point bet will cost me £7000 Margin. I have £23,000 a point at the moment and my margin calls this week have been horrible, but as I am many hundreds of thousands up on GGP I can cover it. If you want to try Spreadbetting know the risks and find a stock at a low price. If it is only 2p for example, the. downside risk is very low and upside enormous.
The SP is only going back to what it was 2 weeks ago. Just got a bit frothy and now a temporary (hopefully!) retrace. Don't see it going below 16p but hey who knows with AIM shares....
Speedy lol...careful...remember Mexico!
Hi Jet. I used to get called that at school until the name callers were reduced to a quivering mess under a hail of left and right hooks, mind out. ATB Speedy
Ha ha ha ha ha, Speedymeedy. Nothing to do with me, ask my subconscious. ha ha ha
Hi Jet. Whats with the Speedyweedy.
Hi middleEast. Thanks for the info, margin and time seem to be the risk. I will spend some time trying to get to understand what you have said and try to come up with a way to minimize both. ATB Speedy
Stop Losses are deadly on AIM. Back in the South Atlantic oil boom a decade ago a friend of mine saw a paper profit go up to £60k. Set a stop loss about 20% below that and in one day had news that sent it down. This knocked out stop losses above his, and knocked the price further down until hsi was triggered. By the time his automated sell went through he had lost a vast amount of that profit - and his sell price was much lower than his stop loss. Of course, by close of play the SP had recovered, only my friend had lost all his shares! So in my opinion not worth using at all on AIM.
and DO NOT assume a Stop Loss will save you. Read the small print, no Guaranteed S/L on GGP. If the price falls through S/L and keeps falling, you could end up 3p below S/L before IG clear your position, only to see the price recover an hour later and you are £20k down
76% lose like on AIM. Both for gamblers.
Gambling is a vice. Who pays the price?
Hi Speedy, I have become quite succesful as SB.
The 2 main variables apart from the price of a stock is Margin and time.
For ex IG require £4975 for each £1000 per point position in GGP, for me personally, I would wish to add a buffer for up to a 25% movement in the SP.
Right now the GGP price is 20p therefore I would assume a drop of 40% = 8p movement against me, ie drop to 12p. Therefore I would add £8000 margin to my position, so I could relax (but I set various price alerts to give me warnings)
The other variable is time, if we knew how long we would be invested/exposed, it would make life much easier :)
Someone earlier mentioned taking a £6000 p/p position, that would equate to almost a £100k following my guidance.
Tread carefully
Speedy, You asked, ' ...is there a reasonably safe approach to using spread betting as an alternative method?'
The short answer is' No'. The clue comes in the name, 'Spread BETTING'. What you're talking about is engaging in a Forward Contract, where you are betting on the direction a share will take, above or below the offer price, at a given future date. You can keep the initial outlay down by betting 'on margin'. If you do this, you restrict potential gains and losses, but this uses funds BORROWED from essentially your 'betting firm'.
Speedyweedy, I know you are only enquiring, but it is as BAD a choice as buying multiple lotto tickets in the idea that more tickets will give you a greater chance of winning. You have a greater chance of losing with spread betting and please steer clear.
ATB
Hi Welsh. There are some very knowledgeable people on this BB and any advice received will be digested and either discarded or used. I do not class myself as "a bit silly " I hear your case against spread betting but you offer no case for reducing risk, does that mean it is impossible? ATB Speedy
Hi All. If no leverage is used the bet is 1/1, with no stop losses set you will not be stopped out, what else can be done to ease the risk? ATB Speedy
Ok, Speedy.
My last on this one for you.
Spread betting is very dangerous unless you really know what you are doing. Even then you can lose loads.
Asking for advice for this on an open BB which is riddled with rampers and de-rampers all waiting to pounce whenever they see a chance of making a bit of cash is......... well, it's a bit silly and highly detrimental to your financial health.
If you have convinced yourself to go ahead, then best of luck.
There has to be better ways speedy !
Hi Welsh. If my funds go into a stocks and share acct i will attract massive tax liabilities on profits, all i am trying to find out is ,is there a reasonably safe approach to using spread betting as an alternative method. ATB Speedy
At the top, front and center of IG's home page:
" 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider".
Can't be clearer to me.
Not my sort of odds.
Good luck, you can't say you weren't warned.
spread betting is the crack cocaine of gambling. AIM is as bad.
Some are lucky, most are not. The percentage of losers is above
average. Muppet Investors should not be
allowed to take part unless they have a TRADING LICENCE.
Hi Blue. I never, ever set stop losses. ATB Speedy
Ok, it's your money. Mine is staying with GGP.