stevie_b Posted December 10, 2013 Share Posted December 10, 2013 I could point you to a link which will cut through all the bs out there and save you many years of frustration! Could you send the link to me too please? Yes, it's tax free as it is defined as gambling although just in the last couple of weeks there have been noises about profits being redefined taxable. Their problem is that if they tax profits can the Treasury afford the tax relief on all the losses that the majority of traders make AFAIK forex trading is only tax-free if done in a spread-betting account. There are other, taxable ways of trading forex. See here: http://www.moneymakingexperts.org/f19/forex-trading-tax-free-291/ Quote Link to comment Share on other sites More sharing options...
Tom Posted December 10, 2013 Share Posted December 10, 2013 I'll know for sure very soon, from what I read its a grey area, I'm seeing my accountant soon so i'll post back when i'm 100% Here's a link, http://www.luxury4play.com/business/12969-so-you-want-learn-how-trade-eh.html its pretty much the same as I'd have posted, I trade differently but if you view one of the last pages he's uploaded a video on how he trades the market and tbh it's quite a sound strategy for short term trading, I'll give a bit of info out here, I trade and recommend fxcm, they're regulated and the spreads are not too bad, I like the platform though I don't use their charting software(trade station)you can use metatrader4 with them but its a pain to use for placing orders and closing trades imo, I use metatrader4(from a different broker) purely for charting, I've used the paid ones like esignal but for me there's no real benefit. if you decide to use mt4 for charting (I really would and its free) find a broker that uses a 5 day week rather than 6, the majority use a 6 day week and it just steers you into making poor trades, the reason is that the 24 hour trading day should be from new york close. A lot of the brokers free mt4's are from different time zones and do not accommodate this and its not possible to change either, and the result of this, is that the daily candle and 4hour candles open/closed prices will be different on a 6 day to 5 day which if you trade off candle stick patterns, will greatly change your outlook for the next coming day/days. Australian axi trader mt4 uses the correct amount of days and would be the one to go for, they're are plenty of tutorials on how to use and honestly, less is more on the chart! once you have these setup, i'd start by focusing on the daily/weekly chart and nothing else for a while, base decisions off from what you've learnt on babypips.com and use very small positions and do stop your self from being tempted into the lower time frames! Anything below the 1hour chart is just noise and statistically the 4hour chart gives you the most feedback and reliability when making a trade, plus, only having to check the chart every 4 hours gives you some time to do other things but start with the daily/weekly, it will help in the long run. You're pretty much told from day 1 to use a stoploss, I used to(just occasionally now) but since I dropped that idea I started making money, they always say "never add to a losing positon" I have all year and made even more money this way. I found the more wrong I called the trade, the better the result was in the end, I had to sit through a floating loss for maybe 1-2 weeks, but when the market pulled back I could either close all for profit, be up to 80% up overall, or at worst break even as each position that had gone against had averaged my positions overall (I opened further trades around 75-100pips apart) and if/once back to the first "losing position" I was several hundred to over 1000pips in profit, It might not be ideal at times but for ranging currency pairs it's quite good. There are times I wished I had just cut the loss but it all depends on the trade size you take and if your account can allow several positions of that size and further pips against you, so to do that safely, have tiny positions and then you don't need to worry about seeing 50-100pips against you and you have much more freedom, say taking other positions on another pair to effectively hedge or a different cross completely. Just let yourself and the account have the option to do so, then you don't need to panic I managed to turn 2k-10k this way quite quickly with just £1pp and i've repeated that process a few times this year. I always used to day trade off 5-15min charts, be stopped out for -30pips to then find 5mins later price is back into what would have been profit and then continued on. This happens as when you're looking for smaller amounts of pips, to actually make an income you use more money per pip to fill that need and it just stresses you out and doesn't work! This time last year I had 4k to play with and pushed that to 10k in 3 weeks, I was using far too much money but I was quite lucky really it worked out! I was sometimes using £25pp and once or twice £100pp, the stress it caused me was unbelievable, both times I only managed to scalp a few pips as I couldn't handle the pressure, I ended up closing overall, and then to see the market move several hundred pips in the direction I was trading in, had I used a smaller lot size, i'd have made a lot more money and been able to manage the trade a lot easier! So read the things in that link, demo for a month, be realistic and go from there, make sure to check the news coming out each day on forex factory, and do not trade big news like nfp or interest rates, thats pure gambling. I use a combination elliot wave theory, fibonacci and trend lines in my day to day trading starting from the monthly to 4hour, study these and you should do ok, but the journey you face with it will be your own, don't try to use other peoples systems or pay for anything either, its all baloney, just remember less is more, think outside the box and come up with a strategy to suit you. If working a 9-5, you could take trades based off, fibs, ewt and tl's after nyc so after 10pm, maybe several currency pairs to spread risk, add to the winners the next evening and close off the losers(or put in a disaster stop) then see where you are at the end of the week.. just a thought.. This was only meant to be a short reply, sorry Quote Link to comment Share on other sites More sharing options...
Purity14 Posted December 10, 2013 Share Posted December 10, 2013 Stock markets scare me, too much uncertainty. I couldn't imagine giving money away on the hope of getting more! I made/still make money from no investment, other than my time. Okay so its not mega money, and i do it in my spare time, and there are no physical goods involved.. So basically my niche is bands, rock bands really. I wrote a program that harvests data from facebook, the band name, the amount of likes they have and if the have an email address, if they do, it saves them to a database, likes there page and randomly opens another band on the links below 'other bands you may like' etc and carries on. I run it once a month and collect 2000 database entries. Then I have a simcard dongle that i use, and again another program that emails the bands a covering letter all nice and polite just like a newsletter including a link to my website that sells facebook likes. I use a dongle because of the dynamic ip and spam blocking etc, but also give the bands an unsubscribe link as per rules. They add them to the shopping cart and purchase them entering the relevant details, the money goes to my paypal and I get an email which auto orders the likes from a user on fiverr.com who invoices me monthly. 1000 likes costs me $5 and i sell for £40, most people order 1000, but they always come back for more, my highest order was for 500,000 likes. I get about £700-£1200 per month from that. It needs little or no effort from me, and after the gruelling process of coding i can now reap rewards. I wish it was fully automated. I have done it for the past 9 months and its funded some amazing stuff. Sometimes bands will tell their families about it, and i have even had tattooists/studios even travel companies buy them.. There are always haters, and people that say its illegal etc, it isn't - its just means facebook think i'm a bad man. If they send me a c&d then ill stop Until then, I reap from my invested time. Quote Link to comment Share on other sites More sharing options...
Guest balloo Posted December 11, 2013 Share Posted December 11, 2013 find 10 like minded people and have a bigger pool to play with you'll probably end up with same sort of profit margins but chances are likely to be increased a lot! at this time, in this market..........housing market is the safest bet. Else.......stocks/shares/forex is the pool to jump into if you know how to swim Quote Link to comment Share on other sites More sharing options...
adnanshah247 Posted December 16, 2013 Share Posted December 16, 2013 pm'd Will be posting a thread for people in this same dilemma Quote Link to comment Share on other sites More sharing options...
adnanshah247 Posted December 16, 2013 Share Posted December 16, 2013 http://www.mkivsupra.net/vbb/showthread.php?300767-Binary-Options-Trading-–-Have-you-got-spare-time-and-want-to-earn-on-the-markets guys please stay well clear of SPREAD BETTING, in todays volatile markets your asking for trouble, read my thread above and you will soon realise that there are many better ways to trade. spread betting is one of them but carries most amount of risk! Quote Link to comment Share on other sites More sharing options...
stevie_b Posted December 17, 2013 Share Posted December 17, 2013 Just for a bit of fun, IG are quoting a spread of 544.5 - 548.9 on March 2014 Royal Mail. Let's see what happens over the next few weeks. I've got a feeling they'll go down a bit as the recent rise may have been overdone. This is definitely not a dead cert, I haven't placed the actual bet myself, that's how certain I am of it. Let's say we short at £100/point. We'll put all of £5k on the line, so a stop loss at 594.5. If the price reaches that level at any point, we've lost the lot! Just thought I'd give an update. The price dipped a bit after my post, making us around £1000 paper-profit. The shares since rose strongly and reached 595 ish around 5th December and triggered our stop loss, whereby the bet would have ended and we would have lost all of the £5k. Hope no-one did it for real. Quote Link to comment Share on other sites More sharing options...
Gaz6002 Posted December 17, 2013 Share Posted December 17, 2013 pm'd Will be posting a thread for people in this same dilemma http://www.mkivsupra.net/vbb/showthread.php?300767-Binary-Options-Trading-–-Have-you-got-spare-time-and-want-to-earn-on-the-markets guys please stay well clear of SPREAD BETTING, in todays volatile markets your asking for trouble, read my thread above and you will soon realise that there are many better ways to trade. spread betting is one of them but carries most amount of risk! Please do your research CAREFULLY before sigining up to such schemes. Quote Link to comment Share on other sites More sharing options...
Jamesy Posted December 17, 2013 Author Share Posted December 17, 2013 Just thought I'd give an update. The price dipped a bit after my post, making us around £1000 paper-profit. The shares since rose strongly and reached 595 ish around 5th December and triggered our stop loss, whereby the bet would have ended and we would have lost all of the £5k. Hope no-one did it for real. woah!! think i may have to re-think just doing some car trading after all lol maybe a whole load of less stress!! Quote Link to comment Share on other sites More sharing options...
imi Posted December 17, 2013 Share Posted December 17, 2013 woah!! think i may have to re-think just doing some car trading after all lol maybe a whole load of less stress!! Always best to do what you know and enjoy. Greed is a bottomless pit. Quote Link to comment Share on other sites More sharing options...
Wez Posted December 17, 2013 Share Posted December 17, 2013 If trading normal stocks I use a self managed ISA and for FOREX I use FXCM and lots of research, no need for any special schemes etc Maybe im just cynical but I am always weary of people offering to make me rich, surely they would just do it themselves Quote Link to comment Share on other sites More sharing options...
Abz Posted December 17, 2013 Share Posted December 17, 2013 If trading normal stocks I use a self managed ISA and for FOREX I use FXCM and lots of research, no need for any special schemes etc Maybe im just cynical but I am always weary of people offering to make me rich, surely they would just do it themselves Head on nail Colleague here make good money out of stock investments, though he lost £25k before he gave it up & said no more. The risks are too great, unless you have a huge bundle of money you don't mind losing. You are relying on some many factors it is not as easy as just saying shall I put all my money on black or red. Quote Link to comment Share on other sites More sharing options...
adnanshah247 Posted December 17, 2013 Share Posted December 17, 2013 again I would like to re - state, what I offered is not a scheme etc. its for you to learn and understand and trade the markets without running around like I headless chicken. I know what it feels like to lose, I lost a great deal, everytime I hear somebody new mention stock markets etc. for trading I get shivers down my spine because that was me one day, inexperienced and no idea what I was doing, if I was there then with todays knowledge, I would trade but very differently. any how if there was any way to make money from nothing, all of us would be there. I don't spread bet anymore, I binary trade its what works for me. maybe not for others but ultimately, if your unsure stay miles away from any form of trading because the risk can be very bad for you... Quote Link to comment Share on other sites More sharing options...
Jamesy Posted December 17, 2013 Author Share Posted December 17, 2013 My mate is part of a very big firm in london in the stocks trading currency. He sald its very lucrative BUT very addictive in the wrong hands. I have an extremely addictive personality so thinking i may side step this plan for now... Quote Link to comment Share on other sites More sharing options...
Tom Posted March 25, 2014 Share Posted March 25, 2014 I'm still going on the forex and crypto currencies but fancy adding some share dealing in too, any recommendations on brokers? Quote Link to comment Share on other sites More sharing options...
Tom Posted March 25, 2014 Share Posted March 25, 2014 buy and sell currencies - some of the guys we deal with makes tons of money £1000s a day, they also lose money... for example I bought 20k of yen @122 rate earlier in 2013.. so for a guide £20000 cost me 2,4mill yen... now @160 I get 3.2mill yen thats =5k profit Hadnt seen this till now, damn, 4000pips, christ, I had been long at points during the year on the jpy pairs, but generally day trading for 50pips but that could have netted you unbelievable amounts of money! Quote Link to comment Share on other sites More sharing options...
Wez Posted March 25, 2014 Share Posted March 25, 2014 I'm still going on the forex and crypto currencies but fancy adding some share dealing in too, any recommendations on brokers? I use Simply Stock Broking which is now Beaufort https://www.beaufortsharedealing.com/ The interface is very nice, both online and iOS app, the fees are OK and I use them for a self managed stocks ISA and a normal stocks account Quote Link to comment Share on other sites More sharing options...
Wez Posted March 25, 2014 Share Posted March 25, 2014 Hadnt seen this till now, damn, 4000pips, christ, I had been long at points during the year on the jpy pairs, but generally day trading for 50pips but that could have netted you unbelievable amounts of money! There are crazy profits in Forex but you have to be prepared to lose your whole investment as it can happen. I enjoyed it but its a full time job and will prob pickup on it again at some stage, I liked the programming aspect of it, writing the algorithms to auto trade is very interesting indeed Quote Link to comment Share on other sites More sharing options...
Tom Posted March 25, 2014 Share Posted March 25, 2014 Yep, I havent blown out an account for 4 years now, last year I've lost count the amount of times i've turned 2k-10k but then not banked the majority of the profit, i'm keeping a smaller float now and withdrawing profits weekly, i've been full time for 15 months, still hard going at times, but i'm consistantly taking profit but just not up in the big league of money yet Cheers! i'll take a look Quote Link to comment Share on other sites More sharing options...
Wez Posted March 25, 2014 Share Posted March 25, 2014 Taking the profits is the best way to do it, leaving the money in the account tempts you into larger trades Quote Link to comment Share on other sites More sharing options...
Tom Posted March 25, 2014 Share Posted March 25, 2014 Taking the profits is the best way to do it, leaving the money in the account tempts you into larger trades Don't I know it! lol my jumps from £2-5pp to £50-100 have brought me to trading on the toilet, the last time, I bottled it closing off a 20pip gain on gbp/aud on xmas eve, when the markets opened again on boxing day it had gapped 200pips up, I was rather gutted! Quote Link to comment Share on other sites More sharing options...
Wez Posted March 25, 2014 Share Posted March 25, 2014 Don't I know it! lol my jumps from £2-5pp to £50-100 have brought me to trading on the toilet, the last time, I bottled it closing off a 20pip gain on gbp/aud on xmas eve, when the markets opened again on boxing day it had gapped 200pips up, I was rather gutted! http://www.dailyfx.com/ is a nice resource for Forex and has an OK forum, there is also a fair bit of info on automated trading and some trading signals you can use for free Quote Link to comment Share on other sites More sharing options...
JamieP Posted November 21, 2014 Share Posted November 21, 2014 So, who has been spread betting on the Dow Jones going down? f**king thing just keeps going up these last 3 weeks, costing me a fortune right now Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 21, 2014 Share Posted November 21, 2014 No. I did bet on the FTSE250 going up a couple of months ago but then it tanked and got my bottom handed to me. Quote Link to comment Share on other sites More sharing options...
scorling Posted November 21, 2014 Share Posted November 21, 2014 So, who has been spread betting on the Dow Jones going down? f**king thing just keeps going up these last 3 weeks, costing me a fortune right now Me too. if it reaches 18,000 and holds on I think it will be time to take some losses! I think December is usually good for the Dow no matter how well it has done in the months leading up to it, Christmas bounce I think they call it Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.