Has anyone done any trading on this site before? I think they are very legit and I like what they have to offer. You can buy and sell futures contracts on anything from sports, weather, the markets, the oscars and even saddam. You can do spreads, arbitrage, they have margin, and the same types of orders in trading like limit orders, market orders, fill or kill, etc. And there is a lot of size on the bids and offers of the most actively traded contracts. The March Sadam contract was the 2nd most actively traded contract today. Over 54k contracts traded today and its up 14 ticks. Now thats a lot of action! www.tradesports.com Btw I have no affiliation with the company, they are based out of Ireland.
I've been watching tradesports for the past couple of months. It's very interesting and I'd say it's a perfect gauge for public opinion. I got some folks hooked at work and they're watching too (no trading yet). So far it seems very legit and I'm finding it entertaining as well.
I know someone who just made a good chunk of change with the starting of this war happening in March.
What a brilliant chap someone would be who's an investor in the premier sports and financial exchange in the world. In play spread and sports and financial betting? I wish I had thought of that.
They don't really trade because there's really zero liquidity, but if you want to just pick a direction and get long or short they work. It's a funny concept though, you have limited downside and limited upside........... the premise of the March 31st contracts that if by the 31st if Saddam under ANY circumstances is not the leader of Iraq, then the contracts close at 100. If he is president they close at zero........ By the way 54 thousand contracts is the lifetime of the contract.
I was watching the NCAA games trade tonight and they were pretty actively traded. Lots of size on the bids and offers. In fact the action is pretty quick in close games. Offers get lifted fast and bids get hit pretty fast too with every basket. I like how the quotes update automatically. You don't have to hit refresh. I can see how you can scalp 10 to 30 ticks in a big game back and forth the whole game. Hey Trace, when did you get long Saddam? that 35 was a steal. It looks like you are up nicely in that position. What's good about this site is you can sell short futures with very little risk since the most you can lose is capped at 100. It will be interesting to see how they actually determine that Saddam is officially out of power. I can see how that could be a big question mark come the end of the month without any postive proof either way.
I started buying on maybe the tenth or so and I just took out every offer I could. I was averaged in at 27 but continued buying all the way up to 67. I basically just took the market maker out every day for about a week straight. At first he was the bid and offer for 300 shares with a seven point spread ( pretty obvious) but he's faded out by maybe putting a bid or offer in for a 100 here and there. When he is putting bids and offers in he really controls the price. He's the only real size and people trying to trade small amounts just get between his bids and offers. He can manipulate it anyway he wants..........I originally found it interesting because it was not trading at what I believed par should be relative to the US deadline, etc. It is deceptive though, because although it might look like there's size available and some concept of a bid and offer, anyone can move it hard by simply buying or selling five hundred shares...... Here are the rules..: These contracts will expire at 100 if for ANY reason or under ANY circumstance(e.g exile, abdication, capture etc) Saddam Hussein is not internationally recognized as the President/Leader of Iraq by(i.e on or before) 11:59pm EST on the specific date. The contracts will expire at 0 should Saddam Hussein remain as the internationally recognized President/Leader of Iraq until this specified time. Tradesports will expire the contract based on information/announcements of independant sources such as the United Nations, or the US Government(President/Vice President, Secretary of State or Defence) and crossed checked in 3 reliable independant media sources.
So basically, if he's alive and NOT captured, in exile or abdicated, the contract expires at 0? The definition, I find tricky. Tradesports might be setting up to disappoint a lot of players with such a vague definition. Where's the definition posted on their web site anyway? BTW, to previous poster, i wouldn't get greedy and would start hitting the bids
I think that's what a few people were trying to do today. Looks like it's down around 65 now. I don't think it will go much lower than maybe 50 as long as the war does not stop.