IGIndex change to Daily Funded Bets

IGIndex may have listened to Spread betting trader. As of 2nd of April they are introducing Daily Funded bets to replace the current Daily Cash Bets. So what is a Daily Funded bet. Well It’s basically a bet with a really long expiry period April 2016 to be precise. From what I can tell the rolling charges will be the same but the one main benefit is it will show your true profit and loss rather than the profit/Loss for the day. It looks like IGIndex have granted spread betting trader his wish.

The expiry date on each spread bet is actually the reason why the profits you make are not subject to capital gains tax and you pay no stamp duty on the trades because you don’t actually own anything. I would guess that 5 years is probably the longest expiry date you can have before you fall under the capital gains tax umbrella.

I’m sure those of you who have accounts with IGIndex will have the same e-mail so I wont post any more details about the change here. For those that don’t and an IGIndex account if you want to find out more I’m sure they will have it somewhere on the www.igindex.co.uk website.

Todays spread betting action.

I made one new trade today. It was actually a short trade. The first short for a while and if the markets continue to fall as they did today it could be the first of many. I sold Barclays at 296.65 with a stop at 335. I’m short £0.3 per point which is slightly over my 1% risk but only just so I’ll let it slide. It’s a super trend cross trade with the stock having just bounced down from resistance. There is a support level around the 255 mark which could prove troublesome so I’ll have to keep my eye on the trade if it approaches that mark.

My Regus position is still just about open. It has crossed the super trend line and is now indicating a down trend. My position is still open because my stop value is actually a rounded down super trend value for buys and rounded up value for sells. Maybe I’ll look to exit the position in the morning if I get chance. I only hope I don’t suffer slippage again as the close price is only 0.6pts from my stop price. I guess we’ll find out in the morning.

Interestingly I just checked the FTSE 100 chart and it too has crossed the super trend line. The super trend for the FTSE is now showing a down trend. Is this a sign of things to come?

Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner