I see, I may give it a try as I believe the same tax free gambling law applies to Canada, is there any limits on how much per tick you can make? 1 contract of oil on Nymex is $10 per tick, can I bet it so I make $10-100 per tick?
I trade futures spread betting every day using IGindex 1 min charts or tick which allows me to trade directly off of the chart with any open positions clearly marked on the chart. The charts are quite advanced with moving averages with +/- horizontal or vertical shift, Tema, Dema etc and all indicators if you use them. The platform is worth $1000's but there are no charges - just the spread which is 2 points ftse100, 2 points US$ v Euro, 4 points Dow30 etc. Its is classified as gambling in the UK so it is tax free on all winnings but non tax deductable on losses. The UK government realise that 90% of would be traders loose so they would rather the winners keep their profits than allow loosers to reclain tax losses. The government charge the S/B companies a 5% tax on all bets so they get their money directly from the companies. The companies make their money from the 90% of loosing traders. So providing you are a consistantly winning trader it is a fantastic result. Most UK traders use spread bets for futures, options, forex, equities and sports results .
My only concern with it is the companys, let's say im up 100 Grand, will they pay it out to me without hassle? I mean in Futures everything is regulated and noone will hassle you but with these small firms that are forking over their own money to you, might be a problem. Any experience with large widthdrawls ?
Ive never had a problem with withdrawals. The thing is even though you are trading 'against them', they always win in the end!! lol If you lose your money they make it... If you consistently make profit they will start executing all your trades into the market with their own money at a 2:1 or higer ratio. So even if they pay you money for you making profit, they will still have broken even / made profit of you.
ALL my $109.75 SHORT add's have now been covered at $89.75.....the $109.75 add's position is now flat. The last of my $147.75 SHORT entries are sitting with targets from $85.75 and below to the $77.75 level......getting closer to these levels now. Once we get to $77.75 in the QM I will be out of bullets for this SHORT trade. I will roll my remaining SHORT positions over to the next month QM contract as needed (until the current CL contract hits the $77 area).....I will do this up until the last weeks of December if needed. If I am still holding any of these positions in the last weeks of December (because of the failure for oil to trade to the $77's), I will just flatten the trade to conclude this SHORT play....good enough.
Cashe din my £4 per tick sells for £1,477 at 88.78. Oil is holding extremely strongly though by only falling under $4s today, when everything as crashing, and so that either means tonight the chinese will finish the job for us, or we gna get buyers coming in thinking this is cheap and so get slight bounce. what you think of my sell target levels - cash in levels on my chart AMT??
Moderate 6 figures for the current trade I am still in....this was a really good trade which played out a bit faster than I thought it would (the SHORT from $147.75 and all add's since that initial entry).
Oil below the $90's to the $85 level will be a chip away type action.....there is a LOT of support down there. Once we start working on the exact $85 level, then the zone down to $77 could give away fast or a decent short term bounce out of this zone......this will be a "reactive" zone imo to be watched close.