Investing in CFD's

Jayminator

Hi Folks,
I am seriously considering trading in some CFD's accounts. I ve about €10k to invest initially and really like the day trading scenario. I ve about 18 years experience in financial services but very liited on the day trading side of things.

Any advice on where to open a/c etc would be really appreciated. Thoughts on associated risks vs returns etc etc.

I am about to start a training course on the subject so all feedback would be greatly appreciated.

Jay

money_man

If you are thinking about CFDs, it might be well to consider Financial Spread Betting.

Do not have to pay Capital Gain Tax on your profits, have at look at the following link for Delta Index, they offer both CFDs and Financial Spread betting products : http://www.deltaindex.com/BenefitsofTrading/

Jayminator

money_man wrote: »

If you are thinking about CFDs, it might be well to consider Financial Spread Betting.

Do not have to pay Capital Gain Tax on your profits, have at look at the following link for Delta Index, they offer both CFDs and Financial Spread betting products : http://www.deltaindex.com/BenefitsofTrading/

Cheers for the link.

Any thoughts on dealing with CMC Markets in Ireland. I ve a meeting with them next week for a tutorial on spread betting.

Jay

MrMatisse

Dont do it.

You will loose a fortune especially if you are asking on boards for advice.

Jayminator

Well I went for a 1 hour tutorial with CMC Markets and must say what a waste of time. I got the distinct impression its just a glamourous bookies shop. Seriously turned me off the idea of spread bets & CFD's purely due to the real lack of interest shown by the guy giving the tutorial..

Anyhow I am quickly realising ya need to seriously know ur stuff if this is to work. Held off on depositing any monies until i really know what im doing..

Arcadiaz

Yeh I'd agree with you! I have been messing around with the paddypowertrader demo for the past few weeks, trading mainly on the ftse100, and to be honest I've had no real joy. I suppose most my big losses were just pure beginner mistakes, but even excluding them, its very hard just to breakeven. I'm going to stick with it for now, and try out as many strategies as possible, but definitely not opening a proper spread betting account till I'm well sure I can make a profit.

RockCastle

I use IG Markets in London nice platform and very user friendly. Opening my account was very straight forward and fast. I set it up 6 months ago and so far so good!!:)

I do keep a very tight leash on myself you have too!! It's amazing what you learn about your emotions in this business it can be a real rollercoaster!

someoneok

Keep your money. Even give some to somebody who has none,or is that a bit too far. I believe it's a sickness,normalised sickness. Probably worse than taking heroin in my opinion because it has worse effects on society at large. Just my 2 cents but think about it. Money is a big illusion.Watch Money as debt online a great movie which explains the scam.

Noel 006

You really have to be on top of your game for spread betting, great that its tax free but remember you are trading against your broker, as with Forex, it's like playing poker and showing your opponent your hand before you play! If you are serious about trading consider trading the Futures markets, and only the very liquid markets, ie, e-mini S&P, EURUSD, 10 yr note etc, not enough liquidity in the Iseq or Ftse, spreads too wide and you'll get creamed!! Futures markets you are trading against other traders, not your broker! I use TP Futures in the States, they allow you to hold your account in Euro so it's not affected by currency fluctuations if you are not trading the dollar! Remember it is all highly leveraged so be carefull! hope this helps!

Bigdeadlydave

Try http://www.plus500.com/ they have a yolk were ya can trade with virtual money.

daveirl

This post has been deleted.

Jayminator

daveirl wrote: »

This post has been deleted.

Never said it would be easy... Are people who use SB / Trading doing it to make a living or as a side earner. I can see the opportunities but I really think the ordinary Joe with a limited knowledge of markets is gonna struggle here.

merc998

cmc markets are'nt ment to be that good there tutorials are apparently not worth it.I would go elsewhere if you can.

OfflerCrocGod

Paper trade for at least 6 months, use the smallest amount of leverage possible. CMCMarkets allow 0 leverage for their CFD account. You can get demo accounts I'd use them and see how far you can go before losing it all or making money.

It's different with real money but better then nothing.