Hey anyone here who do financial betting especially forex betting either Fixed-Odds (Betonmarkets, etc) or Spread Betting (IG Index, etc). Share your experiences please. And also tell bout any financial pool betting and betting contests you heard of. thank you
Hello I am sure most of you seasoned players out there arent interested in betting in financial markets but you could tell me what you think about it. coz as many people especially from europe seem to be taking to it in a big way
I trade both Exchange trades and spreadbets, threre are occasionally arb opportunities between the two.
spreadbetting is a particular form of trading that only exists in the UK. it is illegal elsewhere in Europe, and the spreadbetting companies will only let you open an account if you can prove residence in the UK. don't let the word 'betting' fool you - it is 'almost' the same as exchange trading but by including the word 'bet' it means it is tax free (cause betting is tax free in the UK). to get more information I think you would be better going to UK based sites such as www.trade2win.co.uk the only real advantage of spreadbetting is its tax free status in the UK, so it is probably irrelevent to people from other countries anyway.
Thanks for the replies everybody I have been checking out Betonmarkets.com and find it very good for a newbie like me to check out things with out putting in much money and yeah I agree that spread betting it is not anything like real trading but it lets you get in with less money. keep the replies coming
I have an account at betonmarkets. Started with 10 bucks, up to about 15 now! They do offer some interesting ways of betting and it is a way to play the market on a really small scale. Another interesting site is www.otcoptions.com run by the same group. They have a few more diffrent types of options like knockout options (see the site) and capped calls, ( like an option spread) . You can get a free funnny-mone account and practice with 10 grand to test your skill. Same thing with betonmarkets.com and xoddscom. The spread betting sites in the UK offer some pretty low margins (like 5 percent) so that will likely attract some people to them. Another site for betting is tradesports.com. My 25 bucks is down to 12 here. Lots of financial bets here. I like to play the daily index bets. They are like an option that can range from 0 min to 100 max and you can place a bet on if the dow will be up or down for the day. If DJIA rises you get paid 100 or $10 per contract, if DJIA falls you get 0. You can also short them. You bet against other people on the site. Tradesports takes 4 cents for a contract commission. Have fun but be careful.
Thanks for the reply whoha. the information was quite helpful. The options betting seems interesting. I would like you to ask one more thing, what would you suggest to be the best signals to follow for forex betting like which charts or which indicators etc.
saikiranray What method you use to pick your stocks, currencies or futures is up to you. I use a technical analysis system that gives point values to various technical indicators and sums them up. The summed value is plotted against a stock price to give an indication of a stocks trend. I also have an indicator that measures a stocks tendency to reverse trend. I won't reveal my system though. Since my system tries to identify trends it should work for currencies also but I have not tested it much in this area. There is alot of information on technical indicators and other methods out there. Get a program like metastock (I use this) and do some testing of various indicators and settings. See what works well and what does not. Paper trade , or use a simulator, then start small to start, not too much on any one "bet" so that one mistake doesn't hurt too much. Good Luck
hello whowha I was trying to use NVithalani's fundamental analysis forecasts posted on moneytec. any thoughts on that? I most tecnical i got was using some charts with macd and rsi. am mostly following overall trends but would like to do intraday could you suggest some good charts and indicators for intraday betting . thank you