You may remember some time ago I posed the question “Are you a profitable spread bettor?” I left a poll running on the site for three months to get some feel for how many people win/lose via spread betting. With the poll closing a few days ago I’ve decided to put the results into a pie chart to make it easier to view the percentage of winners.
It would seem that the reports of around 70% of spread bettors losing money is true. Obviously my poll has only reached a small proportion of the spread betting community but never the less these are real results. I would like to thank all the people that took the time to vote it’s much appreciated as always.
I would also like to thank Alan for his comments that he left the other day. I’m glad some one is showing a profit. Thanks for taking the time to comment it’s much appreciated as always.
I’ve been moving some of my positions between accounts today. I have most of my positions open with CMC markets and received a phone call on Friday informing me that the old CMC (market maker) account will be making way for their new platform shortly and I should look to close out my positions and move them to the new platform. Personally I think this is pretty naughty. They should just transfer all my positions to the new account for free. Me having to close the positions an re-open them immediately is costing me the spread again. I’ve done two positions so far but I think I’ll leave the rest. I don’t think it’s fair I should have to pay all my spread again because they create a new platform. Has anyone else got a CMC account? Have you had the same issue? Please let me know if you have.
Until next time
“May the markets be with you”
Spread Betting Beginner
I got a phone call last week as well from CMC. However I couldn't see any advantage of their new site, and two major disadvantages: firstly the new one doesn't give access to the excellent digitalook research and backtesting facility, secondly there is no Level 2 on the new site. Thus I have decided I am NOT tranferring at all. When they finally switch MArketmaker off I will close my CMC account.
"Off the lip"
Hi Trev (aka ???),
Your question about 'are you profitable' would have been difficult for me to answer without raising howls of protest from my own blog readers who know that 'in public' I am currently down this year. They would have expected me to answer 'no' right now, but in April to have answered 'yes', and last year to have answered 'yes, yes, yes'.
I depends on your timescale — profitable today (yes, I was), profitable this week (yep), this month (yep), year-to-date (nope), last year (oh yes!). It also depends on your strategy; whether it creates big interim drawdowns in search of even bigger profits down the line, or whether you notch up small profits every day as a day trader.
On the subject of "strategy", I was interested to read Alan's comments (http://spreadbettingbeginner.com/?p=176#comments) as his strategy seems vaguely familiar 😉
Tony Loton
http://tradingtrail.blogspot.com/
I'd be interested to know where you have an account that gives you level 2 access "Off the Lip". If you are willing to divulge the info.
I've currently got accounts at World Spreads, tradefair and IG Index.