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Thought I'd mention a tool now available in Great Britain. Apparently,
they've got regulation for web sites that offer limited stakes betting on
the markets.
I was recommended to a site (www.finspreads.com) where I have opened an
account. Disclosure: I have no connection with it other than as a
relatively satisfied customer. This site allows trading (betting?) from 500
pounds to 1 penny wagers. I've been trading the S&P 500, Can. Dollar, Brit.
Pound, Crude Oil, 10yr GILT, and 10yr BUND for 2 cents a point.
This seems to be a great way to try out a new trading method in realtime and
not risk very much. It surprised me how shifting from playing their free
game with fantasy points (paper trading) to trading with real money (only 2
cents!) made a significant emotional difference in my outlook.
Additionally, it would seem that this might be a useful vehicle for someone
with a very small account to get started trading with a diverse portfolio.
MidAm contracts don't even compare with setting your own stake in pennies...
Minimum account opening is US dollars is $350. You can choose to trade in
sterling or dollars. I get the impression they haven't got alot of
international business yet. They have a rudimentary online trading
platform. It doesn't come close to comparing to what I have experienced at
Best or Lind Waldock, but it works. I haven't had any significant problems
with it. For stakes less than 2 pounds you're supposed to be able to set
online stops and limits but I have no experience with this yet.
How do they make their money? They set a spread where you can buy at one
price and sell at another. For instance, in the S&P it is one point. I
have no idea how deep the market is that they are actually creating in
house.
There are apparently other companies that do this on the web, but I haven't
any experience with them.
For What Its Worth...
Steve
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