There is nothing impossible............if u can dream it u can definetely actualize it. However there is something strange about ur balance (a/c equity) and ur position sizing...........i believe u using spreadbetting company and even with that taking 11 lots position with 500 ($/£?) seems strange. Is there something am missing...........i miss a lot of things anyway
Yes i am using a spread bet company (aka Bucket Shop). When it says 11 lots, that means 11GBP a point ($18 a point). Or in the case of FX that is the same as a $180,000 position, or nearly 2 futures contracts. Most bucket shops give you margin to stops! So if you have 500 pounds in your account, and if you bet on an instrument that allows a stop 10pts away, you can bet at 50 pounds a point! (In the case of say YM that would be 16 contracts with just $800 dollars of margin). So by taking into account your stop loss the margin they give is upto 700:1. Except for FX, i dont think US customers get access to the same markets that UK customers have access to via the bucket shops. Spread betting is good for sub 10K accounts. Due to the fantastic margin rates. And the other benefit is that in the UK, profits from spread betting are tax free.
which spread betting company do you recommend? have you tried fixed odds betting? huge bang for the buck. best of luck
I dont like to recommend anyone, but i use IG. I used to trade fixed odds (binaries), and i made a lot of money at it. However spreads are now too wide on those. You pay between 4 and 8 pt spread on Fixed odds bets. With the underlying instrument it is just 2 or 3 pts. So i recently stopped binaries, instead i am now learning how to trade the underlying markets.
Can u describe how that works...........(is this the one touch kinda options thing. daily expirations)
Yeah, i presume he means that sort of thing. I only recommend that kind of stuff in the early days, if a firm is new or they introduce a new fixed odds market. The pricing will tend to be very inefficient, they will make a lot of mistakes. But after a while they will figure out the correct pricing, or if they cant, they will just widen the spread until they are more or less garanteed to net win.
U seem to be pretty good at trading Honestly speaking, so how many accounts have u blown up b4 you reached your master level? GL with the awesome trading!!! U can pm me if you don't want everyone knowing...
I am not yet a good discretionary trader, i have no profitable track record at all. I am still learning it. But I would say i am very good at automated trading, but that is another story. When i started in this business i had a 70% drawdown in my account, it never went to zero, but yes it could still be described as a blow up. And i quit trading fulltime and went back to work. So only really 1 blow up in my career as a trader.
one touch, no touch, loopback, multiplier, directional, etc. they provide all kind packaged exotic options you can imagine of. eg you can open a butterfly, call vertical or naked put or complex combo in every time frame you want. say for instance, a 5 minute fly or a 1 hour call vertical. their margin on those is a bit wider than those you'll incur when trading the primary market but the advantages are many and the profits are tax free (US citizens strictly forbidden to open an account though). it is achievable to net 100% per day on those instruments as long as you have a solid edge. obviously there are important liquidity restrictions. so, it is doable while you want to make up to 100k. i dont want to sound too optimistic. if you dont have an edge then you'll lose the entire bankroll in a few days/hours.