Daytrading

Ronaldo_Mconaldo

Forget daytrading. Matched betting is where it's at and there is a very useful board on this very forum to get you started. A few years ago I got into it cautiously and was very happy to have made about £50 in a month. Now that I have more experience it's closer to a grand a month and it's all risk free. Check it out.

If you want a betfair account (pretty much a pre-requisite) then PM me for a refer-a-friend code for a quick and easy bonus for the pair of us.

blinko

why out of all the asset classes are you trading futures ?

- Is it legal? yes check out HFT which is minute trading
- How is it taxed? gains are taxed as capital gains, spread betting is tax free if it is not your main source of income
- Can I trade on American or other markets? trade any market you like as long as your broker provides access to these markets. Although again if you are new.....

musehead

Can someone please provide a source for the info stated that spread betting is taxed if it's your main source of income?

I am under the impression that spread betting is gambling and never taxed as per:

http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm

and

http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htm

MoneySaverLog

musehead wrote: »

Can someone please provide a source for the info stated that spread betting is taxed if it's your main source of income?

I am under the impression that spread betting is gambling and never taxed as per:

http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm

and

http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htm

A very grey area and it depends on who you speak to at "The Revenue" but was a question I put to IG and was the answer I got.

musehead

I'd go with the info on the HMRC site tbh. I can't see how they could tax you on it going by the info on those pages.

JohnRo

Barge pole, there's something like a 99% chance you'll be on a hiding to nothing.

sabretoothtigger

If you are that good you should probably be working for as a prop trader with a wage, etc hence it doesnt quite make sense.
Companies deal CFD not SB so I presume they do regulate big orders to stop tax avoidance via betting but most are never that big or successful
I know people have tried to do insider dealing via SB and its also monitored. Mostly its about CGT not normal tax I imagine

This guy would know, good vid I saw recently : http://www.youtube.com/watch?feature=player_embedded&v=flhma66uw0k

jabba42

In all likelihood you will lose all your money. Why do you think you see adverts for spread betting, forex etc everywhere? You put your life's savings into an account, they give you lots of indicators to make you think you are Gordon Gekko, then they give you enough leverage to hang yourself.

With no experience you will wipe out your account when you think you are too smart and not put a stop loss on. Then it will keep going and you will not know when to close out, it will get worse and worse until you have to take the pain.

Very few people can be traders, maybe 1 in 20 and most of them have suffered horrific losses that taught them lessons about not what to do.

I would not even think about taxes yet, you should probably get your story fixed to tell your wife what you have done with your savings.

IronWolf

There is a 90/90/90 rule in the city.

90% of traders lose 90% of their money within 90 days.

My advice is unless you are going to devote years of training as well as pursue it as a full time job then don't bother.

MoneySaverLog

IronWolf wrote: »

There is a 90/90/90 rule in the city.

90% of traders lose 90% of their money within 90 days.

My advice is unless you are going to devote years of training as well as pursue it as a full time job then don't bother.

Indeed if you still have a bank roll at the end of your first year of trading, you did very well.