zipdog Posted May 15, 2017 Report Share Posted May 15, 2017 Hello, I was reading last night about commodity trading using Financial Spread Betting and Contract for Difference. Does anyone on here trade using these markets or know any further information. Many thanks Zipdog Quote Link to comment Share on other sites More sharing options...
elgreco Posted May 15, 2017 Report Share Posted May 15, 2017 Download plus 500. It allows you to play with virtual money in realtime and real market so you can practice without risk. You start with £20000 and see if you can build from there. Its amazing how quickly you can make money. But just as amazing is how quickly you can be wiped out. Good luck Tom Quote Link to comment Share on other sites More sharing options...
Vince Green Posted May 15, 2017 Report Share Posted May 15, 2017 Absolutely not a good idea, its high risk gambling, the only people who make money long term are the brokers. Watch Wolf of Wall St Quote Link to comment Share on other sites More sharing options...
Munzy Posted May 15, 2017 Report Share Posted May 15, 2017 Absolutely not a good idea, its high risk gambling, the only people who make money long term are the brokers. Watch Wolf of Wall St I know three retired traders and two hedge fund guys who would disagree. They would probably be happy to fly you over by PJ or meet you on their yacht if you wanted to discuss further!!! Quote Link to comment Share on other sites More sharing options...
zipdog Posted May 15, 2017 Author Report Share Posted May 15, 2017 Download plus 500. It allows you to play with virtual money in realtime and real market so you can practice without risk. You start with £20000 and see if you can build from there. Its amazing how quickly you can make money. But just as amazing is how quickly you can be wiped out. Good luck Tom Thank you will give it go! Absolutely not a good idea, its high risk gambling, the only people who make money long term are the brokers. Watch Wolf of Wall St. Wolf of Wall street was about individual company shares, not global commodity prices though! Quote Link to comment Share on other sites More sharing options...
AVB Posted May 15, 2017 Report Share Posted May 15, 2017 Wolf of Wall Street was about a brokerage company scamming people into buying junk stocks. Nothing to do with CFD's CFD's are a derivative that enables you to gamble on the price of a stock/bond/commodity without having to buy said stock/bond/commodity. If you think you can predict the movement of commodity prices then go for it. However don't gamble what you can't afford to lose. Quote Link to comment Share on other sites More sharing options...
Flashman Posted May 15, 2017 Report Share Posted May 15, 2017 The FCA are trying to clamp down on retail investors (the man in the street) being targeted by assorted trading platforms who encourage them to dabble in CFDs. Alpari was popular for these types of accounts until they went bust following the Swissy cap ending. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted May 15, 2017 Report Share Posted May 15, 2017 (edited) I know three retired traders and two hedge fund guys who would disagree. They would probably be happy to fly you over by PJ or meet you on their yacht if you wanted to discuss further!!! There are winners and losers but the losses can be spectacular. One of my customers lost his house and a bloke who phoned in to a radio show said his brother lost £250k on his phone while sitting in a hotel on holiday. But every time they buy or sell, whether the market goes up or down, the broker gets his cut. Edited May 15, 2017 by Vince Green Quote Link to comment Share on other sites More sharing options...
Vince Green Posted May 15, 2017 Report Share Posted May 15, 2017 (edited) Wolf of Wall Street was about a brokerage company scamming people into buying junk stocks. Nothing to do with CFD's CFD's are a derivative that enables you to gamble on the price of a stock/bond/commodity without having to buy said stock/bond/commodity. If you think you can predict the movement of commodity prices then go for it. However don't gamble what you can't afford to lose. The Wolf of Wall St was about "the stockbroker wins whether the client goes up or down". That what the old trader tells the main character on the first day. Its portrayed as a lightbulb moment So he develops his strategy from that day The real problem is leverage, these platforms push the amateur trader to use high leverage. But leverage shortens your spread to such a tiny amount that even a miniscule flutter will cause the software to auto sell and you lose the position. Without leverage you would be able to sit on the position for a few days, even weeks, and maybe make a profit eventually but it would be a small profit. Its the greed factor that brings people crashing down Edited May 15, 2017 by Vince Green Quote Link to comment Share on other sites More sharing options...
AVB Posted May 15, 2017 Report Share Posted May 15, 2017 The FCA are trying to clamp down on retail investors (the man in the street) being targeted by assorted trading platforms who encourage them to dabble in CFDs. Alpari was popular for these types of accounts until they went bust following the Swissy cap ending. Very true. And CFD's are banned in many countries including the US for just these reasons. Quote Link to comment Share on other sites More sharing options...
Wasabi Posted May 15, 2017 Report Share Posted May 15, 2017 Having worked in the industry several years ago I would advise you to stay well clear until you have an excellent understanding or the market you wish to trade. Pick one market. Watch it daily for months. Learn what makes it move. Don't get sucked in by multiple indicators, stochastics, fibonnachi etc. Stick to simple moving averages on a candle stick chart. Also, choose a market with low volatility to learn on. Gold for example. Its perhaps boring but will help limit your losses. ALWAYS USE A STOP LOSS, GAURUNTEED IN THE EARLY DAYS. also manage your money. Don't risk a high % of your pot on each trade Quote Link to comment Share on other sites More sharing options...
Munzy Posted May 15, 2017 Report Share Posted May 15, 2017 I know what you're saying Vince, on the other side of any successful trade is a loss and those can wipe you out. That said Zipdog could be the next John Paulson so as long as he's never risking more than he can afford to lose crack on and good luck I say! Quote Link to comment Share on other sites More sharing options...
zipdog Posted May 15, 2017 Author Report Share Posted May 15, 2017 (edited) Having worked in the industry several years ago I would advise you to stay well clear until you have an excellent understanding or the market you wish to trade. Pick one market. Watch it daily for months. Learn what makes it move. Don't get sucked in by multiple indicators, stochastics, fibonnachi etc. Stick to simple moving averages on a candle stick chart. Also, choose a market with low volatility to learn on. Gold for example. Its perhaps boring but will help limit your losses. ALWAYS USE A STOP LOSS, GAURUNTEED IN THE EARLY DAYS. also manage your money. Don't risk a high % of your pot on each trade That is kind of my logic. I need to do far more research but if I always use a low stop loss when im wrong my losses will minimal but if I predict it correctly I could make a few quid. This would not work for volatile commodities obviously. I know what you're saying Vince, on the other side of any successful trade is a loss and those can wipe you out. That said Zipdog could be the next John Paulson so as long as he's never risking more than he can afford to lose crack on and good luck I say! Thanks for the optimism Edited May 15, 2017 by zipdog Quote Link to comment Share on other sites More sharing options...
ElvisThePelvis Posted May 15, 2017 Report Share Posted May 15, 2017 These indexes are excellent, everyone should use them, don't worry if you don't understand them.. they can't be that bad can they? Please sign up now (my house in France needs a new roof) Quote Link to comment Share on other sites More sharing options...
Wasabi Posted May 15, 2017 Report Share Posted May 15, 2017 That is kind of my logic. I need to do far more research but if I always use a low stop loss when im wrong my losses will minimal but if I predict it correctly I could make a few quid. This would not work for volatile commodities obviously. Thanks for the optimism Don't let greed get the better of you. If watching the market for a few weeks don't suddenly think stuff it and start checking money in. Start keeping a log of fake trades explaining to yourself why you think the market will go that way. Only when you are regularly making the correct prediction should you start for real. Using real money is a whole different psychological ball game. Keep emotions out of it. If you get a few losing trades on the bounce STOP. Take time to watch the market again before diving back in. Quote Link to comment Share on other sites More sharing options...
wandringstar Posted May 15, 2017 Report Share Posted May 15, 2017 I know nothing about trading, its always fascinated and terrified me in equal measures, the only thing i would say is put your money into oil, it will rise more, i just don't know when. Quote Link to comment Share on other sites More sharing options...
AVB Posted May 18, 2017 Report Share Posted May 18, 2017 (edited) Zipdog - Did you open your practise account and if so how have you been doing the past couple of days? It's been pretty volatile so you should be winning or losing large! I'm in negative territory for what it's worth. Edited May 18, 2017 by AVB Quote Link to comment Share on other sites More sharing options...
ElvisThePelvis Posted May 18, 2017 Report Share Posted May 18, 2017 Guys, be very careful when switching from a dummy account to real money. Please remember that they are designed to make money for the platform operator not you, without fail you will find that when and if your returns are positive the platform will slow, you will miss prices, account will get suspended and they use every IT described trick to chip away at your cash.. Quote Link to comment Share on other sites More sharing options...
AVB Posted May 18, 2017 Report Share Posted May 18, 2017 Guys, be very careful when switching from a dummy account to real money. Please remember that they are designed to make money for the platform operator not you, without fail you will find that when and if your returns are positive the platform will slow, you will miss prices, account will get suspended and they use every IT described trick to chip away at your cash.. Thanks. I'm not allowed to trade on my own account so just playing to while away the time. You are very cynical. Do you have first hand experience of the things you quoted? Quote Link to comment Share on other sites More sharing options...
ElvisThePelvis Posted May 18, 2017 Report Share Posted May 18, 2017 Thanks. I'm not allowed to trade on my own account so just playing to while away the time. You are very cynical. Do you have first hand experience of the things you quoted? Yes, I have experience from having set one up many years ago Quote Link to comment Share on other sites More sharing options...
AVB Posted May 18, 2017 Report Share Posted May 18, 2017 Yes, I have experience from having set one up many years ago Seeing as CFD platform providers are FCA registered you should have shared your concerns with them. Quote Link to comment Share on other sites More sharing options...
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