Spread betting as a full time occupation...

[NoelWatson]

RemainAllHoof said:

if Dubai's strategy was a winner, he wouldn't (or shouldn't) be telling the world about it.

Just a hedge fund with lots of funding.

[Ayez beera]

I openned an account trading Forex,

Day 1 +$100
Day 2 -$200
Day 3 +$50
Day 4 +$120
Day 5 +$150
Day 6 Currently at a loss of $180 if I close the deals now, getting near to my S/L.

I think I am lucky, I normally just tend to trade on trends for short term deals.

I am not too bothered if I lose everything as it is only $500 with a leverage of 200:1. It's a good experience and something to do at night whilst browsing PH.

Any basic tips would be appreciated.
Thanks

[walm]

Close out now, while you are flat.
Close the account.
Spend $500 on hookers and coke.

[RemainAllHoof]

Ayez beera said:

Any basic tips would be appreciated.

Trade the smallest you can, the goal being to learn to trade before you wipe out your account.

[RemainAllHoof]

NoelWatson said:

RemainAllHoof said:

if Dubai's strategy was a winner, he wouldn't (or shouldn't) be telling the world about it.

Just a hedge fund with lots of funding.

Yep. It's what I'd do. Then order the superyacht. If I had such a great strategy, I wouldn't sell it for a mere £350. I'd sell it to the highest bidder or take a massive commission from on-going trades taken using it. But if I wanted to help people to trade (like Winters and Stanzione), I wouldn't sell it for £10 - I'd ask them to make a donation to H4H instead.

[DonkeyApple]

RemainAllHoof said:

NoelWatson said:

RemainAllHoof said:

if Dubai's strategy was a winner, he wouldn't (or shouldn't) be telling the world about it.

Just a hedge fund with lots of funding.

Yep. It's what I'd do. Then order the superyacht. If I had such a great strategy, I wouldn't sell it for a mere £350. I'd sell it to the highest bidder or take a massive commission from on-going trades taken using it. But if I wanted to help people to trade (like Winters and Stanzione), I wouldn't sell it for £10 - I'd ask them to make a donation to H4H instead.

Good old Darren and Vince. Helping brokers hit growth targets since 1999.

[DonkeyApple]

Although it is quite clear that the great Tim Stevens was raised by a Chinaman it is important to note that he only has 20 copies left of his system that trades the most liquid Market on the planet:


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[RemainAllHoof]

DonkeyApple said:

Good old Darren and Vince. Helping brokers hit growth targets since 1999.

[limpsfield]

you are not a real trader till you can hire a lambo and a chopper

(note for the naive, I would not give this bloke any of my money just in case you're tempted)

http://theflyingtrader.org/

[DonkeyApple]

limpsfield said:

you are not a real trader till you can hire a lambo and a chopper

(note for the naive, I would not give this bloke any of my money just in case you're tempted)

http://theflyingtrader.org/

Learn to trade while flying in a helicopter over London.

We've been having a good laugh all week over that.

There is simply no better way to explain to the general public what the product is really about.

[RemainAllHoof]

DonkeyApple said:

limpsfield said:

(note for the naive, I would not give this bloke any of my money just in case you're tempted)

http://theflyingtrader.org/

There is simply no better way to explain to the general public what the product is really about.

I've learnt one thing from that website - if you want a Lambo and a helicopter, don't trade... sell two day trading courses for £5k a head. £100k for a weekend's work? Only the best footballers earn that kind of money.

[ZondaMark]

NorthernBoy said:

I always recommend Baxter and Rennie's "Financial Calculus", as it's an interestingly different way of looking at things.

Most books aren't very good. They are written for quants, and are pretty indigestible. Wilmott has some big book of Derivatives which seems to cover plenty, too. Oh, also Commodities and Commodity derivatives, or somesch, by Helyette Geman.

I've never managed to work my way through any of them, I'm afraid. I learned most of what I know by trial and error, or by working with good people who were willing to share what they knew.

Thanks for getting back on that - duly added to Amazon list. Always appreciate pointers from those who've done it, so thanks very much.

As someone who's been involved in the exotics world perhaps you could advise on this: just how essential is it to have Mathsy/Physicsy educational backgrounds for trading roles on exotics desks, or are they mainly for quant roles? As with the books, little useful info seems to be available in these areas which isn't aimed at quants. The reason I ask is that having got myself a trade support role at a tier 1 IB, I've come across some of the more exotic stuff which has absolutely fascinated me, and as an aspiring trader I'm wondering if it'd be a viable expansion of my horizons. My own background is in Finance/Economics, including derivatives (largely following the Hull textbook, which focuses on the more vanilla stuff, so that's the current extent of my stochastic calculus skills) and econometrics (which included vol. modelling and touched on Monte Carlo simulation). Would a move into exotics (from a trading PoV) be a natural progression of this or would it require going back to uni/paying my maths grad cousin to tutor me?

Cheers.

[NoelWatson]

ZondaMark said:

As someone who's been involved in the exotics world perhaps you could advise on this: just how essential is it to have Mathsy/Physicsy educational backgrounds for trading roles on exotics desks, or are they mainly for quant roles? As with the books, little useful info seems to be available in these areas which isn't aimed at quants. The reason I ask is that having got myself a trade support role at a tier 1 IB, I've come across some of the more exotic stuff which has absolutely fascinated me, and as an aspiring trader I'm wondering if it'd be a viable expansion of my horizons. My own background is in Finance/Economics, including derivatives (largely following the Hull textbook, which focuses on the more vanilla stuff, so that's the current extent of my stochastic calculus skills) and econometrics (which included vol. modelling and touched on Monte Carlo simulation). Would a move into exotics (from a trading PoV) be a natural progression of this or would it require going back to uni/paying my maths grad cousin to tutor me?

Cheers.

I've known people do the following

Someone come from Middle Office to become head of flow desk
Chap in product control ended up trading structured credit products
Another chap in middle office currently in trade support will have a good chance of ending up on the desk

So the fact that you are already in trade support is a good start - can I ask how old you are?

[DonkeyApple]

Nowadays credit and risk are a good back/middle office way in, whereas trade support used to be the golden route.

For some reason desk managers seem to have a desire to have someone who comprehends the basics of risk since 08.

It's also become the prime route into RM as someone from that background can assess any deal extremely quickly and actually understand what it is. Another little skill that the front office seems to now think is important within a sales function.

[DonkeyApple]

RemainAllHoof said:

I've learnt one thing from that website - if you want a Lambo and a helicopter, don't trade... sell two day trading courses for £5k a head. £100k for a weekend's work? Only the best footballers earn that kind of money.

£100k a weekend. That's amateur hour.

Mr Winters used to fill a conference room with up to 1000 people paying £2k each.

[RemainAllHoof]

DonkeyApple said:

£100k a weekend. That's amateur hour.

Mr Winters used to fill a conference room with up to 1000 people paying £2k each.

[NoelWatson]

DonkeyApple said:

RemainAllHoof said:

I've learnt one thing from that website - if you want a Lambo and a helicopter, don't trade... sell two day trading courses for £5k a head. £100k for a weekend's work? Only the best footballers earn that kind of money.

£100k a weekend. That's amateur hour.

Mr Winters used to fill a conference room with up to 1000 people paying £2k each.

Could this be a Mr Darren Winters? Is he still around?

[limpsfield]

NoelWatson said:

DonkeyApple said:

RemainAllHoof said:

I've learnt one thing from that website - if you want a Lambo and a helicopter, don't trade... sell two day trading courses for £5k a head. £100k for a weekend's work? Only the best footballers earn that kind of money.

£100k a weekend. That's amateur hour.

Mr Winters used to fill a conference room with up to 1000 people paying £2k each.

Could this be a Mr Darren Winters? Is he still around?

Greg Secker - same approach

[ZondaMark]

NoelWatson said:

I've known people do the following

Someone come from Middle Office to become head of flow desk
Chap in product control ended up trading structured credit products
Another chap in middle office currently in trade support will have a good chance of ending up on the desk

So the fact that you are already in trade support is a good start - can I ask how old you are?

Thanks - always good to hear these stories (they're what got me into this - thinking of the long term and future prospects, it was essentially either this or go to a prop house and trade now, but I know it can be difficult moving from that into IBs, IBs being where I want to end up anyway).

I'm 23 (just). From what my boss has said I guess it gives me a 2-3 year window. Would you say the same?

Edited by ZondaMark on Saturday 18th June 17:33

[DonkeyApple]

NoelWatson said:

DonkeyApple said:

RemainAllHoof said:

I've learnt one thing from that website - if you want a Lambo and a helicopter, don't trade... sell two day trading courses for £5k a head. £100k for a weekend's work? Only the best footballers earn that kind of money.

£100k a weekend. That's amateur hour.

Mr Winters used to fill a conference room with up to 1000 people paying £2k each.

Could this be a Mr Darren Winters? Is he still around?

He branched out into property seminars by 07 and post 08 the number of mugs who could spunk £2k on a credit card and have nothing left over to bin at a brokers with their new found knowledge had dropped to the point that the empire strategically collapsed.

However, he is back.