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Spread betting futures explained further sassuolo vs cagliari betting expert free

Spread betting futures explained further

By keeping us from knowing about spreading, they retain a distinct advantage. The concept of trading seasonal trends and seasonal spreads has been almost entirely overlooked by the hordes of daytraders who today riffle the markets with their almost frantic noise. It is also overlooked by the fund traders. By fund traders I mean those massive pools of managed money residing in hedge funds, commodity pools, pension funds, bond funds, securities funds, etc.

In fact, with the exception of the large commercial and institutional interests, the whole concept of seasonal trend and seasonal spreading has been overlooked by most traders. You have taken the first step by learning about the lost art of spread trading. But why is spread trading a lost art?

Current market conditions dictate that traders who wish to minimize their risk have to learn to trade spreads. So, if you are serious in getting started in spreads - I have good news for you! I have decided to share my knowledge of spread trading because I realize that most current traders have never been exposed to it!

In he founded Trading Educators, Inc. He started writing books, giving seminars and private tutoring. To date, in addition to his own trading, he has written 12 books and personally taught thousands of traders. Thus originating the manual Trading Spreads and Seasonals , which has become a classic after just a short time, and the top selling book in the field of spread trading.

This hard cover manual contains more than pages of practical and interesting information about spread trading. It expands on the topics mentioned above, giving you a better understanding of and insight into what spreads really are and, more importantly, how to place and manage your spread trades. You will learn everything you need to know about Inter- and Intramarket Spreads, about Inter-Exchange Spreads, and markets suitable for spreads.

You will learn how to use spreads to make money in sideways futures markets, and how to reduce and greatly eliminate the effects of volatility and uncertainty. Learn how to trade spreads to reduce risk.

You already know that trading spreads entails less risk than does trading outright futures, but you still need concepts and techniques about how to trade them to keep the risk low. Let me show you an easy way to hedge yourself and minimize the risk. This is also very useful for a daytrader who wants to hold a position overnight.

Position trades can be held considerably longer at less risk by spreading, allowing you to participate in a big market move. Learn all you need to know about Seasonal spread trade selection. Seasonal spreads are among the best trades possible for those who are willing to wait for these excellent opportunities to come along. They have the advantage of a very high degree of reliability over a period of many years. Yet seasonal spreads must be filtered in order to obtain the very best results.

A lot of money can be lost by blindly taking these trades based upon computer-generated dates for entry and exit. You will learn how to identify the best spread for you and how to filter these seasonal spreads in order to get best results. Specific entry and exit signals. No longer have doubts about its being the right time to enter, or even more importantly, the best time to exit a trade.

Trading spreads using technical indicators. Not all traders enjoy trading only from chart patterns. You will learn how to properly use technical indicators to filter highly profitable trades. Many readers have told me that this manual is worth its weight in gold and that the information in this book, reflecting years of knowledge and experience, is worth a lot more than the money we charge for it.

However, we are holding to the same price as we have always charged, in fairness to our customers. Joe introduces filters and how to use technical indicators. This is a trading manual not a book about trading. A Trader from Honolulu. I have also written three books regarding futures investing. That being said I really do know how to separate the wheat from the chaff.

This book is all wheat. Joe Ross , once again, breaks the silence on spreads and seasonal trading. Noble Drakoln, CA. You are a voice crying in the wilderness. Thank you Joe. Be assured you cannot make a mistake in ordering Trading Spreads and Seasonals. We give you a day money back guarantee : if you are not satisfied that this manual can help you become a successful spread trader, just send an email to my Team and return the book in salable condition.

We will refund the full price of the book. This manual will show you everything YOU need to know about : - how to get started in spreads - how to use spreads to make money - how to trade spreads to reduce risk - how to identify profitable spreads - how to identify specific entry and exit signals - plus much more Also, learn the finer details of trading from our three Master Traders in our free weekly Chart Scan Newsletter, and more!

We will not sell, rent, or trade your information. Derivative transactions, including futures, are complex and carry a high degree of risk. Close window [X]. What is Spread Trading? Basically, there are 3 different kinds of spreads: Intramarket Spreads Officially, Intramarket spreads are created only as calendar spreads.

Intermarket Spreads An Intermarket spread can be accomplished by going long futures in one market, and short futures of the same month in another market. Inter-Exchange Spreads A less commonly known method of creating spreads is via the use of contracts in similar markets, but on different exchanges.

Discover the incredible potential of futures spread trading and learn more about its advantages Spreads have low time requirements You don't have to watch a spread all day long. Spreads are easier to trade Take a look at the Unleaded Gas Spread again see below. Spreads have lower margin requirements Spreads have reduced margin requirements, which means that you can afford to put on more positions.

Spreads give countless trading opportunities Spreading has gone much further than its original intent. Spreads offer a lower risk Spreading is one of the most conservative forms of trading. Spread trading does not need live data The most effective way to trade spreads is using end-of-day or delayed data.

If spread trading is so fantastic, why doesn't everyone trade spreads? So far, so good. Here is what you will get: Learn how to trade spreads to reduce risk You already know that trading spreads entails less risk than does trading outright futures, but you still need concepts and techniques about how to trade them to keep the risk low.

Learn all you need to know about Seasonal spread trade selection Seasonal spreads are among the best trades possible for those who are willing to wait for these excellent opportunities to come along. In this scenario a bear futures spread strategy would be utilized by selling a nearer futures contract and buying one further out, in the same market.

For example, assume a trader has the view that an increase in supply of Soybean is expected to come into the market in September, putting pressure on the price of the upcoming month futures contract. The trader can then sell the Soybean September contract and buy the Soybean December contract to create the spread.

Many commodities tend to be cyclical, meaning there are expected periods in the year where the commodity is expected to trade higher, and times that the same commodity usually trades lower. When the crop is most vulnerable — i. Similarly, commodities such as Heating Oil or Natural Gas are usually higher during the winter months due to higher demand. These seasonal changes are expected and usually priced in the future contract. Thus, a trader may employ a bull futures spread during a seasonal phase when prices are rising and may use a bear futures spread when prices are declining due to seasonality.

A trader can look to profit from this seasonality, both by trading an actual futures contract , or utilizing a futures spread trading strategy. However, unexpected weather conditions, such as a drought can affect the prices of grains and a warm winter, may drive the prices of heating oil lower than expected. In such conditions, trading the actual contract is riskier, not just because of higher margin requirements but also because the position is essentially unhedged, which may lead to higher losses and potential margin calls.

Risks may therefore be better managed by trading a futures spread instead of an actual contract. This is true for other events such as a threat of war, political upheaval or earthquakes. As in the seasonal examples, if the trader is in a futures spread, then both sides would be expected to rise or fall in a similar manner, leaving the spread position adequately hedged.

One of the biggest advantages of commodity futures spread trading is the lower margin requirements to enter and maintain a position. An intercommodity spread is another type of commodity futures spread in which the trader goes long on one commodity on which he or she is bullish and shorts another on which he or she is bearish.

This type of a strategy would allow the trader to hedge their risks while reducing margin requirements at the same time. Futures spread trading strategies are not hugely popular amongst retail traders. They can also be very useful for traders with time constraints and smaller accounts. What is Commodity Spread Trading? Commodity Spreads Can Offer Lower Risk Commodity futures spreads are a lower risk approach to trading commodity futures that can be utilized by traders of all levels of experience.

Commodity Spread Strategies What is Contango? What is Backwardation?

SPORTS BETTING ONLINE BODOG

In the U. However, while spread bettors do not pay commissions, they may suffer from the bid-offer spread, which may be substantially wider than the spread in other markets. Keep in mind also that the bettor has to overcome the spread just to break even on a trade. Generally, the more popular the security traded, the tighter the spread, lowering the entry cost. In addition to the absence of commissions and taxes, the other major benefit of spread betting is that the required capital outlay is dramatically lower.

The use of leverage works both ways, of course, and herein lies the danger of spread betting. While you can quickly make a large amount of money on a relatively small deposit, you can lose it just as fast. If the price of Vodaphone fell in the above example, the bettor may eventually have been asked to increase the deposit or even have had the position closed out automatically. In such a situation, stock market traders have the advantage of being able to wait out a down move in the market, if they still believe the price is eventually heading higher.

Despite the risk that comes with the use of high leverage, spread betting offers effective tools to limit losses. Risk can also be mitigated by the use of arbitrage, betting two ways simultaneously. Arbitrage opportunities arise when the prices of identical financial instruments vary in different markets or among different companies.

As a result, the financial instrument can be bought low and sold high simultaneously. An arbitrage transaction takes advantage of these market inefficiencies to gain risk-free returns. Due to widespread access to information and increased communication, opportunities for arbitrage in spread betting and other financial instruments have been limited. However, spread betting arbitrage can still occur when two companies take separate stances on the market while setting their own spreads.

At the expense of the market maker, an arbitrageur bets on spreads from two different companies. Simply put, the trader buys low from one company and sells high in another. Whether the market increases or decreases does not dictate the amount of return. Failure to complete transactions smoothly can lead to significant losses for the arbitrageur.

Continually developing in sophistication with the advent of electronic markets, spread betting has successfully lowered the barriers to entry and created a vast and varied alternative marketplace. Arbitrage, in particular, lets investors exploit the difference in prices between two markets, specifically when two companies offer different spreads on identical assets.

The temptation and perils of being overleveraged continue to be a major pitfall in spread betting. However, the low capital outlay necessary, risk management tools available, and tax benefits make spread betting a compelling opportunity for speculators. Trading Instruments. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Origins of Spread Betting. Stock Market Trade vs Spread Bet.

Spread Betting Arbitrage. The Bottom Line. Key Takeaways Spread betting allows traders to bet on the direction of a financial market without actually owning the underlying security. Intra-Commodity Calendar Spread : This is a futures spread in the same commodity market, with the buy and sell legs spread between different months. For instance, a trader could buy a March wheat futures contract and sell a September wheat futures contract.

Alternatively, the trader could sell a March wheat futures contract and buy a September wheat futures contract. Bitcoin futures began trading in December These futures products offer an opportunity for a futures spread to benefit from price volatility. A trader who believes a price will go up over time can take a buy contract one month out and a sell contract two months out at a higher price.

They exercise their option to buy in the one-month contract and then sell in the two-month contract, benefiting from the differential. Margins are lower for futures spreads than for trading a single contract due to reduced volatility. If an external market event occurs, such as a surprise interest rate movement or terrorist attack, both the buy and sell contracts, in theory, should be affected equally—e.

A futures spread effectively provides a hedge against systematic risk, allowing exchanges to reduce the margins for spread trading. David buys March wheat and sells September wheat because front months typically outperform deferred months. Trading Instruments. Soft Commodities Trading. Your Money. Personal Finance. Your Practice. Popular Courses. What Is a Futures Spread? Key Takeaways A futures spread is an arbitrage technique in which a trader takes offsetting positions on a commodity in order to capitalize on a discrepancy in price.

An inter-commodity spread utilizes futures contracts in different, but closely related commodities with the same contract month.

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A 'scalper' is normally looking for two or three points in the market. For scalpers, therefore, any futures contract is far better but for longer-term people sometimes perhaps the tax advantage is attractive. Dan Moczulski, IG Index : We've used the FTSE March contract as an example but, generally speaking, a scalper wouldn't deal on the March contract, he'd deal with a daily FTSE future which has four points of spread, and if he was in and out of the market he'd perhaps deal on an hourly contract which has two points of spread.

Jones: So although we're using the March future and March spreadbet to try and compare apples with apples, what you're saying is that for a shorter-term trader, there are alternatives out there where the spread comes down. Dan Moczulski, IG Index : I think that's a distinction between the two products which is worth pointing out. Futures contracts, by their very nature, have to be homogenous and they have to be standardised, so you have these quarterly contracts - March, June, September and December.

Because spreadbetting can be a little bit more flexible and because it's not necessarily relying on the underlying exchange, it does have the ability to provide much cheaper prices for much shorter time-frames. Jones: So for the short-term trader, there is a less expensive spreadbetting route while on the futures side, it does look tighter for the scalpers trading the real market.

Bowman, iDealing : I'd say the main bottom line is that the tax-free consideration of spreadbets should be the driving factor in whether or not someone trades a future or a spreadbet. If you expect to make money and you don't want to pay tax on that profit, then you use a spreadbet.

That doesn't go for all markets though. Most notably, the liquidity is much better than the equity products offered by the CFD and spreadbet shops than that in the single-stock futures market in LIFFE, whereas exchange traded financial futures, commodity markets and index futures have fantastic liquidity because that's where all the institutional players aggregate their liquidity. I think Dan's point on contract flexibility warrants underlining.

A contract can be created by the spreadbet firm, delivered, traded and monitored sometimes within days. So if someone came to iDealing or IG Index and said they would really like them to consider coming out with a contract that expires weekly, it could be done. It can't be done in an exchange-traded market with that speed because the whole market is underpinned by contracts and standardisation.

Basically, if you want to trade tax-free, use a spreadbet; if you don't care, go where the liquidity is best. Plus you have this flexibility, because it's the spreadbetters who decide what market they're going to offer, so they can create all these weird and wonderful things, whereas the futures brokers are a go-between between us and the real market exchanges. A smaller or retail trader can trade in lesser amounts, in pounds per point, so they can design their own contract size.

That is pro the spreadbetting side. From the scalper side, I cannot see why any short-term traders, unless they were paranoid about the tax and always made money on every single trade, would use a spreadbet mechanism where there is an eight-point cost, when the highest retail rate that we offer is point eight of a point round-turn.

Also, on the tax side, losses do occur and losses are offsetable for tax. Should you be trading the FTSE to hedge an underlying share portfolio, you may not be too worried about the fact that your profits in futures might be taxable because they would be offset by the loss against the underlying portfolio which you're hedging.

Should you spreadbet your hedge and have the underlying portfolio in the stock market that you're hedging, and should the stock market move in your favour, you're going to have a double-whammy because you're going to have to pay the tax on your profits from the stock market but you're going to take a loss on your hedge anyway. So there are various different angles on whether the tax is a good or a bad thing. Jones: Let's talk a bit more about the mechanics of trading. With spreadbetting, people are quite familiar with how much they can make or lose because they bet so many pounds per point.

How does it work in the futures markets - how do I adjust my risk and adjust my position sizing? De Roeper, Berkeley Futures : The first thing you have to know is the contract size which you're trading, and I suggest that if you don't, then you shouldn't be trading. That's because each contract is ounces of gold. So you simply multiply that by the stop loss level down to which you are prepared to risk. Jones: So if I'm used to trading the FTSE with a spreadbetter, maybe I fancy doing it a lot more short term and futures are the way for me.

Is there anything I can do with spreadbetting to minimise the risk? Our sister firm, Spreadright. I would also suggest you've got flexibility, including guaranteed stops, which aren't available in the futures markets.

Jones: So if I'm long the FTSE and there's a big terrorist attack, for example, and the market opens points lower, if I had my guaranteed stop maybe points below the level it was at the previous night, I would be out for a points loss. A good example of this was when it was announced that Saddam Hussein had been found. The Dow future jumped 70 points in the blink of an eye.

Many of our clients who were short of the markets had guaranteed stops and were completely protected. That won't be the case if you go straight to the futures market. Jones: Is there anything similar we could do in the futures markets? A futures broker is an agency broker on to the exchange, so you're really operating in the big boys' world and you take those market movements.

On the subject of guaranteed stops, there's no such thing as a free lunch and I think that people should probably drill down into the overall costings and see whether they're better off with a guaranteed stop or an on-exchange stop over a long period of time.

Of course, isolated incidents, such as markets gapping through terrorism or world news, can be found where it has been extremely beneficial to have a guaranteed stop. But I would say that, over the long term, some research into finding out which is the cheapest mechanism and the safest way of operating or the cheapest way of operating should be undertaken by the prospective user.

Jones: That's a very good point. Guaranteed stops give you the ability to sleep at night and not worry about extraneous events that are going to drive the market a bit crackers, but there is a price to pay. It's how big the extreme move is, isn't it? De Roeper, Berkeley Futures : There is another issue here: price transparency. On-exchange prices are made public, the price data is reported and the levels at which executions are made can be investigated and looked at.

With spreadbetting, you are trading an over-the-counter product with a counter-party and you have no recourse, as in the FX markets, to what those underlying prices are, how they've been devised or any other thing. I'm not suggesting for a moment that every spreadbetting firm is ripping its clients off, because they wouldn't survive very long in business, but you do have no recourse to any form of pricing mechanism. I spend hours every day talking to customers asking me why they haven't got an execution on their order.

The problem is, you may be wanting to take a profit in, say, gold at and you see on the screen that the June or April contract traded at But, unfortunately, only one contract may have traded at and you weren't at the front offer.

What I can then do is get an official time and sale from the exchange. It's very useful to be able to settle any dispute. But the main importance of transparency, from the trader's point of view, is knowing exactly where the market is and that it's fair.

Dan Moczulski, IG Index : It's a good point and I cannot deny the fact that you can explain to people why their orders have been filled or why they've not been filled. However, a spreadbetting firm doesn't have to adhere to the market and what's available on the bid or offer, we can fill this person regardless because it's not actually having to prove that it's there.

That's where a lot of the action has been over the past few months. But the volatility does scare me a bit and, as I do a normal job, I don't want to be sitting in front of a screen all day watching the markets ticking up and ticking down. What options do I have? De Roeper, Berkeley Futures : Ideally, you'd go to a broker who can watch for you. Both Ben and myself in our firms have advisory customers as well as execution-only customers, and even execution-only customers can request information or for levels so that they can be telephoned or e-mailed when they hit that level.

I would say about half of our customers are in front of a screen for a considerable part of the day and the other half are not, they are on a plane or a train or at work. We will happily look after a position for a customer, give him a call if something interesting or dangerous occurs in the marketplace and basically be his eyes and ears on the market so he can carry on doing his normal job.

Jones: What about spreadbetting? Say I want to spreadbet the euro against the dollar and this thing can swing around , points on a busy day. What can I do if I don't want to watch the market? Bowman, iDealing : Place a limit order or place a stop loss. A limit order is typically used if you want to enter a position at a price that doesn't currently exist in the market - if you want to buy at a price lower than the current level or if you want to sell at a price higher than the current level.

I don't have to sit there and watch it, I can leave an order to buy it? Bowman, iDealing : You can leave an order to buy at and you can go to work or go to sleep or start watching TV and if you get filled, you get filled. Jones: Then I can just ring up and close it out whenever I want to take my profits. Bowman, iDealing : You can also use stops to enter positions. You can say: 'I'd like to buy euro dollar if it breaks above Jones: So if I'm a technical analyst and I think certain levels are important, that's a way of me getting in if these levels get hit or get broken without watching the screen all the time.

Can I also do that with futures? If you have a position and for some reason you're called away or don't wish to be watching it, you can enter a profit-taking order which may or may not happen in your absence. Jones: Say, I've got a very understanding employer who doesn't mind me keeping an eye on the market during the day. If I don't want to trade over the phone, what sort of options do I have online?

The majority of them allow you to place trades, place stop and limit orders, and obviously by its very nature the prices must be pumped out live 24 hours a day. You've also got a lot of functionality on there to help you make the decisions - tick chart, historical charts, news providers and research.

There are a couple of firms, of which IG Index is one, which also provide mobile dealing. So if you have one of the new pocket PDAs, you can actually trade on that as well as monitor prices. Jones: Do I have to pay for all this whizzy stuff? There are no IG fees. Obviously if you're using a mobile internet dealing platform, you have to pay your network provider whatever fee it charges, but that's none from us. Jones: What online options are available to me in the futures markets? De Roeper, Berkeley Futures : Most firms now offer online trading.

We do both for foreign exchange and for futures trading and option trading. There are two types of market nowadays. The electronic markets, where you can deal with matched prices on the internet as opposed to going down to the floor of the exchange where the people in bright-coloured jackets are and the prices are being shouted out. You have the opportunity of placing orders both for exchange products and electronic exchange products.

Most of the markets we trade in are open over and above the normal market hours, because there are various different markets which click in with electronic sessions of, say, treasury bonds. You can deal pretty much most of the day and evening and sometimes through the night, but not for products such as the FTSE futures contract which shuts one hour after the cash market at 5. Jones: But with some of the bigger contracts in the US markets I can trade around the clock?

De Roeper, Berkeley Futures : Yes. For instance, you can do gold and most of the currencies around the clock. So all order entry, order reporting, confirmations and trading executions are done online. Jones: How does it work?

Let's talk about the FTSE again. Do I see a price there updating? Is there a delay when I want to buy? Bowman, iDealing : It's like exchange-traded products, in that you see the current bid and offer, the last price, and you enter an order.

It's order-driven trading, so you can place an at-best order, at-limit, stop or stop-limit order. Then your order status depends on where the liquidity is for a particular contract. Obviously, if you want to do the equivalent of 1, FTSE contracts, the liquidity may not be there at the current price. It may be that, for that size, the price is slightly higher but it mirrors the order-driven trading markets that you see on most exchanges and on Nasdaq.

Jones: It all sounds straightforward enough. So let's say I've decided that there is more to the world than Abbey National and BP shares, and I'm going to open a spreadbetting account and a futures account. Are there lots of hurdles that I need to go through? How straightforward is it going to be for me to get one of these accounts opened for futures?

Ben Few Brown, GNI Touch: : We all have the same regulator, whether a spreadbetter or a futures broker, and the main issue is the 'know your client' rule. We are not allowed to give razor blades to babies. We have to make sure that the client is suitable for the trade he is proposing to undertake. Jones: If I want to open an account with IG, is it a complicated process? You've got the option to open one on the internet and, generally speaking, you can open an account in five minutes.

Or you could do it through a postal application. Jones: Isn't that a bit dangerous, giving me all this margin? Dan Moczulski, IG Index : We're in the same circumstances of being a regulated firm and we have to abide by the 'know your client' rules, but the spreadbetting requirements are less than those of a futures broker by the very nature of a deal being classified as a bet. But the process is very easy and, generally speaking, you will need to fund the account trades.

This, along with the trading limits we allocate to clients' accounts, means it's quite difficult to take exposure in excess of what you are comfortable with. Jones: Charles, I presume it's a similar sort of process with your firm and you consider your clients very carefully.

What would turn you off from someone trading futures or maybe what should someone bear in mind to find out whether futures are for them? De Roeper, Berkeley Futures : It's whether the investment is suitable for them rather than them for the investment. My answer is no. It's not designed for that person, therefore we would say no. As a rule of thumb, we ask how much money you have, what's your house worth, what mortgage you've got etc. Jones: Sounds like a very sensible way of protecting some of the more adventurous traders.

De Roeper, Berkeley Futures : I'd love to say it's to protect them but actually it's to protect ourselves, because the regulators insist on it and we can get our wrists severely smacked. Jones: And for iDealing? If I want to open an account, what sort of sums do I need and what sort of information do I have to provide? Although we're not required, from a regulatory standpoint, to apply the same threshold for a spreadbetter as we would for a CFD client, in almost all cases we do.

We see them as being similar instruments with almost identical risks. You have to prove to us that you have 'sufficient experience' in trading, hedging, speculating in order to have your account opened. We look to the length of time that someone has been trading a particular market and whether or not they've actually traded margin products before. Obviously, if they've traded futures before, they've got a very strong chance of being accepted.

If they're FSA registered or if they've worked in a professional capacity in financial markets before, that goes a long way. Jones: If they've traded CFDs as well? But that doesn't mean that those are the pre-requisites. Generally, if someone wants to trade CFDs or spreadbets on single stocks and they've traded cash equities only but they've done so for five to 10 years, they should be perfectly capable of managing a margin account.

Jones: With futures and spreadbets, there's a lot of jargon, but when it comes down to it, it's not that complicated and if we leave aside some of the different products you can buy, it's the same as shares. If you think they're going up you buy, and if you think they're going down you can short-sell them.

The mechanics of trading these things are not enormously removed from buying or selling shares. It's just understanding the margin and managing the risk. The level of the gambler's profit or loss will be determined by the stake size selected for the bet, multiplied by the number of unit points above or below the gambler's bet level. This reflects the fundamental difference between sports spread betting and fixed odds sports betting in that both the level of winnings and level of losses are not fixed and can end up being many multiples of the original stake size selected.

For example, in a cricket match a sports spread betting firm may list the spread of a team's predicted runs at — If the gambler elects to buy at and the team scores runs in total, the gambler will have won 50 unit points multiplied by their initial stake. But if the team only scores runs then the gambler will have lost 50 unit points multiplied by their initial stake. It is important to note the difference between spreads in sports wagering in the U.

In the U. In the UK betting above or below the spread does not have a known final profit or loss, with these figures determined by the number of unit points the level of the final outcome ends up being either above or below the spread, multiplied by the stake chosen by the gambler. For UK spread betting firms, any final outcome that finishes in the middle of the spread will result in profits from both sides of the book as both buyers and sellers will have ended up making unit point losses.

So in the example above, if the cricket team ended up scoring runs both buyers at and sellers at would have ended up with losses of five unit points multiplied by their stake. This is a bet on the total number of points scored by both teams.

Suppose team A is playing team B and the total is set at If the final score is team A 24, team B 17, the total is 41 and bettors who took the under will win. If the final score is team A 30, team B 31, the total is 61 and bettors who took the over will win. The total is popular because it allows gamblers to bet on their overall perception of the game e.

Example: In a football match the bookmaker believes that 12 or 13 corners will occur, thus the spread is set at 12— In North American sports betting many of these wagers would be classified as over-under or, more commonly today, total bets rather than spread bets.

However, these are for one side or another of a total only, and do not increase the amount won or lost as the actual moves away from the bookmaker's prediction. Many Nevada sports books allow these bets in parlays , just like team point spread bets. This makes it possible to bet, for instance, team A and the over , and be paid if both.

Such parlays usually pay off at odds of with no commission charge, just as a standard two-team parlay would. The mathematical analysis of spreads and spread betting is a large and growing subject. For example, sports that have simple 1-point scoring systems e.

By far the largest part of the official market in the UK concerns financial instruments; the leading spread-betting companies make most of their revenues from financial markets, their sports operations being much less significant. Financial spread betting in the United Kingdom closely resembles the futures and options markets, the major differences being.

Financial spread betting is a way to speculate on financial markets in the same way as trading a number of derivatives. In particular, the financial derivative Contract for difference CFD mirrors the spread bet in many ways. In fact, a number of financial derivative trading companies offer both financial spread bets and CFDs in parallel using the same trading platform.

Unlike fixed-odds betting, the amount won or lost can be unlimited as there is no single stake to limit any loss. However, it is usually possible to negotiate limits with the bookmaker:. Spread betting has moved outside the ambit of sport and financial markets that is, those dealing solely with share, bonds and derivatives , to cover a wide range of markets, such as house prices.

Additionally, by avoiding the favourite-longshot bias , where the expected returns on bets placed at shorter odds exceed that of bets placed at the longer odds, and not betting with one's favorite team, but rather with the team that has been shown to be better when playing in a specific weather condition and time of day, the possibility of arriving at a positive outcome is increased.

In the UK and some other European countries the profit from spread betting is free from tax. The tax authorities of these countries designate financial spread betting as gambling and not investing, meaning it is free from capital gains tax and stamp duty , despite the fact that it is regulated as a financial product by the Financial Conduct Authority in the UK. Most traders are also not liable for income tax unless they rely solely on their profits from financial spread betting to support themselves.

The popularity of financial spread betting in the UK and some other European countries, compared to trading other speculative financial instruments such as CFDs and futures is partly due to this tax advantage. However, this also means any losses cannot be offset against future earnings for tax calculations. Conversely, in most other countries financial spread betting income is considered taxable. For example, the Australian Tax Office issued a decision in March saying "Yes, the gains from financial spread betting are assessable income under section or section of the ITAA ".

This has resulted in a much lower interest in financial spread betting in those countries. Suppose Lloyds Bank is trading on the market at p bid, and p offer. A spread-betting company is also offering p. We use cash bets with no definite expiry , or "rolling daily bets" as they are referred to by the spread betting companies.

We use the offer price since I am "buying" the share betting on its increase. If a bet goes overnight, the bettor is charged a financing cost or receives it, if the bettor is shorting the stock. On top of this, the bettor needs an amount as collateral in the spread-betting account to cover potential losses. The punter usually receives all dividends and other corporate adjustments in the financing charge each night.

For example, suppose Lloyds Bank goes ex-dividend with dividend of The bettor receives that amount. The exact amount received varies depending on the rules and policies of the spread betting company, and the taxes that are normally charged in the home tax country of the shares. From Wikipedia, the free encyclopedia. The Times. Sep 20, Archived from the original on July 19, Australian Government ATO.

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Generally, the more popular the security traded, the tighter the spread, lowering the entry cost. In addition to the absence of commissions and taxes, the other major benefit of spread betting is that the required capital outlay is dramatically lower. The use of leverage works both ways, of course, and herein lies the danger of spread betting.

While you can quickly make a large amount of money on a relatively small deposit, you can lose it just as fast. If the price of Vodaphone fell in the above example, the bettor may eventually have been asked to increase the deposit or even have had the position closed out automatically.

In such a situation, stock market traders have the advantage of being able to wait out a down move in the market, if they still believe the price is eventually heading higher. Despite the risk that comes with the use of high leverage, spread betting offers effective tools to limit losses. Risk can also be mitigated by the use of arbitrage, betting two ways simultaneously. Arbitrage opportunities arise when the prices of identical financial instruments vary in different markets or among different companies.

As a result, the financial instrument can be bought low and sold high simultaneously. An arbitrage transaction takes advantage of these market inefficiencies to gain risk-free returns. Due to widespread access to information and increased communication, opportunities for arbitrage in spread betting and other financial instruments have been limited. However, spread betting arbitrage can still occur when two companies take separate stances on the market while setting their own spreads.

At the expense of the market maker, an arbitrageur bets on spreads from two different companies. Simply put, the trader buys low from one company and sells high in another. Whether the market increases or decreases does not dictate the amount of return. Failure to complete transactions smoothly can lead to significant losses for the arbitrageur.

Continually developing in sophistication with the advent of electronic markets, spread betting has successfully lowered the barriers to entry and created a vast and varied alternative marketplace. Arbitrage, in particular, lets investors exploit the difference in prices between two markets, specifically when two companies offer different spreads on identical assets. The temptation and perils of being overleveraged continue to be a major pitfall in spread betting. However, the low capital outlay necessary, risk management tools available, and tax benefits make spread betting a compelling opportunity for speculators.

Trading Instruments. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Origins of Spread Betting. Stock Market Trade vs Spread Bet. Spread Betting Arbitrage. The Bottom Line. Key Takeaways Spread betting allows traders to bet on the direction of a financial market without actually owning the underlying security. Spread betting is sometimes promoted as a tax-free, commission-free activity that allows investors to speculate in both bull and bear markets, but this remains banned in the U.

Like stock trades, spread bet risks can be mitigated using stop loss and take profit orders. Despite its American roots, spread betting is illegal in the United States. For scalpers, therefore, any futures contract is far better but for longer-term people sometimes perhaps the tax advantage is attractive.

Dan Moczulski, IG Index : We've used the FTSE March contract as an example but, generally speaking, a scalper wouldn't deal on the March contract, he'd deal with a daily FTSE future which has four points of spread, and if he was in and out of the market he'd perhaps deal on an hourly contract which has two points of spread. Jones: So although we're using the March future and March spreadbet to try and compare apples with apples, what you're saying is that for a shorter-term trader, there are alternatives out there where the spread comes down.

Dan Moczulski, IG Index : I think that's a distinction between the two products which is worth pointing out. Futures contracts, by their very nature, have to be homogenous and they have to be standardised, so you have these quarterly contracts - March, June, September and December. Because spreadbetting can be a little bit more flexible and because it's not necessarily relying on the underlying exchange, it does have the ability to provide much cheaper prices for much shorter time-frames.

Jones: So for the short-term trader, there is a less expensive spreadbetting route while on the futures side, it does look tighter for the scalpers trading the real market. Bowman, iDealing : I'd say the main bottom line is that the tax-free consideration of spreadbets should be the driving factor in whether or not someone trades a future or a spreadbet.

If you expect to make money and you don't want to pay tax on that profit, then you use a spreadbet. That doesn't go for all markets though. Most notably, the liquidity is much better than the equity products offered by the CFD and spreadbet shops than that in the single-stock futures market in LIFFE, whereas exchange traded financial futures, commodity markets and index futures have fantastic liquidity because that's where all the institutional players aggregate their liquidity.

I think Dan's point on contract flexibility warrants underlining. A contract can be created by the spreadbet firm, delivered, traded and monitored sometimes within days. So if someone came to iDealing or IG Index and said they would really like them to consider coming out with a contract that expires weekly, it could be done. It can't be done in an exchange-traded market with that speed because the whole market is underpinned by contracts and standardisation.

Basically, if you want to trade tax-free, use a spreadbet; if you don't care, go where the liquidity is best. Plus you have this flexibility, because it's the spreadbetters who decide what market they're going to offer, so they can create all these weird and wonderful things, whereas the futures brokers are a go-between between us and the real market exchanges.

A smaller or retail trader can trade in lesser amounts, in pounds per point, so they can design their own contract size. That is pro the spreadbetting side. From the scalper side, I cannot see why any short-term traders, unless they were paranoid about the tax and always made money on every single trade, would use a spreadbet mechanism where there is an eight-point cost, when the highest retail rate that we offer is point eight of a point round-turn.

Also, on the tax side, losses do occur and losses are offsetable for tax. Should you be trading the FTSE to hedge an underlying share portfolio, you may not be too worried about the fact that your profits in futures might be taxable because they would be offset by the loss against the underlying portfolio which you're hedging. Should you spreadbet your hedge and have the underlying portfolio in the stock market that you're hedging, and should the stock market move in your favour, you're going to have a double-whammy because you're going to have to pay the tax on your profits from the stock market but you're going to take a loss on your hedge anyway.

So there are various different angles on whether the tax is a good or a bad thing. Jones: Let's talk a bit more about the mechanics of trading. With spreadbetting, people are quite familiar with how much they can make or lose because they bet so many pounds per point. How does it work in the futures markets - how do I adjust my risk and adjust my position sizing? De Roeper, Berkeley Futures : The first thing you have to know is the contract size which you're trading, and I suggest that if you don't, then you shouldn't be trading.

That's because each contract is ounces of gold. So you simply multiply that by the stop loss level down to which you are prepared to risk. Jones: So if I'm used to trading the FTSE with a spreadbetter, maybe I fancy doing it a lot more short term and futures are the way for me. Is there anything I can do with spreadbetting to minimise the risk? Our sister firm, Spreadright. I would also suggest you've got flexibility, including guaranteed stops, which aren't available in the futures markets.

Jones: So if I'm long the FTSE and there's a big terrorist attack, for example, and the market opens points lower, if I had my guaranteed stop maybe points below the level it was at the previous night, I would be out for a points loss. A good example of this was when it was announced that Saddam Hussein had been found. The Dow future jumped 70 points in the blink of an eye.

Many of our clients who were short of the markets had guaranteed stops and were completely protected. That won't be the case if you go straight to the futures market. Jones: Is there anything similar we could do in the futures markets? A futures broker is an agency broker on to the exchange, so you're really operating in the big boys' world and you take those market movements.

On the subject of guaranteed stops, there's no such thing as a free lunch and I think that people should probably drill down into the overall costings and see whether they're better off with a guaranteed stop or an on-exchange stop over a long period of time. Of course, isolated incidents, such as markets gapping through terrorism or world news, can be found where it has been extremely beneficial to have a guaranteed stop.

But I would say that, over the long term, some research into finding out which is the cheapest mechanism and the safest way of operating or the cheapest way of operating should be undertaken by the prospective user.

Jones: That's a very good point. Guaranteed stops give you the ability to sleep at night and not worry about extraneous events that are going to drive the market a bit crackers, but there is a price to pay. It's how big the extreme move is, isn't it? De Roeper, Berkeley Futures : There is another issue here: price transparency.

On-exchange prices are made public, the price data is reported and the levels at which executions are made can be investigated and looked at. With spreadbetting, you are trading an over-the-counter product with a counter-party and you have no recourse, as in the FX markets, to what those underlying prices are, how they've been devised or any other thing. I'm not suggesting for a moment that every spreadbetting firm is ripping its clients off, because they wouldn't survive very long in business, but you do have no recourse to any form of pricing mechanism.

I spend hours every day talking to customers asking me why they haven't got an execution on their order. The problem is, you may be wanting to take a profit in, say, gold at and you see on the screen that the June or April contract traded at But, unfortunately, only one contract may have traded at and you weren't at the front offer. What I can then do is get an official time and sale from the exchange.

It's very useful to be able to settle any dispute. But the main importance of transparency, from the trader's point of view, is knowing exactly where the market is and that it's fair. Dan Moczulski, IG Index : It's a good point and I cannot deny the fact that you can explain to people why their orders have been filled or why they've not been filled. However, a spreadbetting firm doesn't have to adhere to the market and what's available on the bid or offer, we can fill this person regardless because it's not actually having to prove that it's there.

That's where a lot of the action has been over the past few months. But the volatility does scare me a bit and, as I do a normal job, I don't want to be sitting in front of a screen all day watching the markets ticking up and ticking down. What options do I have? De Roeper, Berkeley Futures : Ideally, you'd go to a broker who can watch for you. Both Ben and myself in our firms have advisory customers as well as execution-only customers, and even execution-only customers can request information or for levels so that they can be telephoned or e-mailed when they hit that level.

I would say about half of our customers are in front of a screen for a considerable part of the day and the other half are not, they are on a plane or a train or at work. We will happily look after a position for a customer, give him a call if something interesting or dangerous occurs in the marketplace and basically be his eyes and ears on the market so he can carry on doing his normal job.

Jones: What about spreadbetting? Say I want to spreadbet the euro against the dollar and this thing can swing around , points on a busy day. What can I do if I don't want to watch the market? Bowman, iDealing : Place a limit order or place a stop loss. A limit order is typically used if you want to enter a position at a price that doesn't currently exist in the market - if you want to buy at a price lower than the current level or if you want to sell at a price higher than the current level.

I don't have to sit there and watch it, I can leave an order to buy it? Bowman, iDealing : You can leave an order to buy at and you can go to work or go to sleep or start watching TV and if you get filled, you get filled. Jones: Then I can just ring up and close it out whenever I want to take my profits. Bowman, iDealing : You can also use stops to enter positions. You can say: 'I'd like to buy euro dollar if it breaks above Jones: So if I'm a technical analyst and I think certain levels are important, that's a way of me getting in if these levels get hit or get broken without watching the screen all the time.

Can I also do that with futures? If you have a position and for some reason you're called away or don't wish to be watching it, you can enter a profit-taking order which may or may not happen in your absence. Jones: Say, I've got a very understanding employer who doesn't mind me keeping an eye on the market during the day.

If I don't want to trade over the phone, what sort of options do I have online? The majority of them allow you to place trades, place stop and limit orders, and obviously by its very nature the prices must be pumped out live 24 hours a day. You've also got a lot of functionality on there to help you make the decisions - tick chart, historical charts, news providers and research.

There are a couple of firms, of which IG Index is one, which also provide mobile dealing. So if you have one of the new pocket PDAs, you can actually trade on that as well as monitor prices. Jones: Do I have to pay for all this whizzy stuff? There are no IG fees. Obviously if you're using a mobile internet dealing platform, you have to pay your network provider whatever fee it charges, but that's none from us.

Jones: What online options are available to me in the futures markets? De Roeper, Berkeley Futures : Most firms now offer online trading. We do both for foreign exchange and for futures trading and option trading. There are two types of market nowadays. The electronic markets, where you can deal with matched prices on the internet as opposed to going down to the floor of the exchange where the people in bright-coloured jackets are and the prices are being shouted out.

You have the opportunity of placing orders both for exchange products and electronic exchange products. Most of the markets we trade in are open over and above the normal market hours, because there are various different markets which click in with electronic sessions of, say, treasury bonds. You can deal pretty much most of the day and evening and sometimes through the night, but not for products such as the FTSE futures contract which shuts one hour after the cash market at 5.

Jones: But with some of the bigger contracts in the US markets I can trade around the clock? De Roeper, Berkeley Futures : Yes. For instance, you can do gold and most of the currencies around the clock. So all order entry, order reporting, confirmations and trading executions are done online. Jones: How does it work? Let's talk about the FTSE again. Do I see a price there updating?

Is there a delay when I want to buy? Bowman, iDealing : It's like exchange-traded products, in that you see the current bid and offer, the last price, and you enter an order. It's order-driven trading, so you can place an at-best order, at-limit, stop or stop-limit order. Then your order status depends on where the liquidity is for a particular contract. Obviously, if you want to do the equivalent of 1, FTSE contracts, the liquidity may not be there at the current price.

It may be that, for that size, the price is slightly higher but it mirrors the order-driven trading markets that you see on most exchanges and on Nasdaq. Jones: It all sounds straightforward enough. So let's say I've decided that there is more to the world than Abbey National and BP shares, and I'm going to open a spreadbetting account and a futures account.

Are there lots of hurdles that I need to go through? How straightforward is it going to be for me to get one of these accounts opened for futures? Ben Few Brown, GNI Touch: : We all have the same regulator, whether a spreadbetter or a futures broker, and the main issue is the 'know your client' rule. We are not allowed to give razor blades to babies.

We have to make sure that the client is suitable for the trade he is proposing to undertake. Jones: If I want to open an account with IG, is it a complicated process? You've got the option to open one on the internet and, generally speaking, you can open an account in five minutes. Or you could do it through a postal application. Jones: Isn't that a bit dangerous, giving me all this margin? Dan Moczulski, IG Index : We're in the same circumstances of being a regulated firm and we have to abide by the 'know your client' rules, but the spreadbetting requirements are less than those of a futures broker by the very nature of a deal being classified as a bet.

But the process is very easy and, generally speaking, you will need to fund the account trades. This, along with the trading limits we allocate to clients' accounts, means it's quite difficult to take exposure in excess of what you are comfortable with. Jones: Charles, I presume it's a similar sort of process with your firm and you consider your clients very carefully.

What would turn you off from someone trading futures or maybe what should someone bear in mind to find out whether futures are for them? De Roeper, Berkeley Futures : It's whether the investment is suitable for them rather than them for the investment. My answer is no. It's not designed for that person, therefore we would say no. As a rule of thumb, we ask how much money you have, what's your house worth, what mortgage you've got etc.

Jones: Sounds like a very sensible way of protecting some of the more adventurous traders. De Roeper, Berkeley Futures : I'd love to say it's to protect them but actually it's to protect ourselves, because the regulators insist on it and we can get our wrists severely smacked. Jones: And for iDealing? If I want to open an account, what sort of sums do I need and what sort of information do I have to provide?

Although we're not required, from a regulatory standpoint, to apply the same threshold for a spreadbetter as we would for a CFD client, in almost all cases we do. We see them as being similar instruments with almost identical risks. You have to prove to us that you have 'sufficient experience' in trading, hedging, speculating in order to have your account opened. We look to the length of time that someone has been trading a particular market and whether or not they've actually traded margin products before.

Obviously, if they've traded futures before, they've got a very strong chance of being accepted. If they're FSA registered or if they've worked in a professional capacity in financial markets before, that goes a long way.

Jones: If they've traded CFDs as well? But that doesn't mean that those are the pre-requisites. Generally, if someone wants to trade CFDs or spreadbets on single stocks and they've traded cash equities only but they've done so for five to 10 years, they should be perfectly capable of managing a margin account. Jones: With futures and spreadbets, there's a lot of jargon, but when it comes down to it, it's not that complicated and if we leave aside some of the different products you can buy, it's the same as shares.

If you think they're going up you buy, and if you think they're going down you can short-sell them. The mechanics of trading these things are not enormously removed from buying or selling shares. It's just understanding the margin and managing the risk. De Roeper, Berkeley Futures : There are two types of customer that we can all accept.

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Dan Moczulski, IG Index : Spread betting futures explained further used the FTSE March contract as an example but, generally speaking, a scalper wouldn't stock market move in your favour, you're going to have FTSE future which has four to have to pay spread betting futures explained further tax on your profits from the stock market but you're deal on an hourly contract which has two points of. If you take into account liquidity problem that maybe an were michigan state maryland betting line do 50 lots the futures side, it does are normally charged in the a wide range of markets. Jones: So you're saying that trade futures online, you're saying exchange, so you're really operating found where it has been and you take those market. Most traders are also not spreadbets, so how do you depends on the liquidity in which is quite difficult on. They also get to choose the action has been over spread betting in those countries. I'm not suggesting for a over the long term, some that the tax-free consideration of apples with apples, what you're the safest way of operating that you save from using a spreadbet. But having said that, most for two or three points than two weeks anyway, even. Should you be trading the countries designate financial spread betting products offered by the CFD meaning it is free from in the single-stock futures market in LIFFE, whereas exchange traded that it is regulated as a financial product by the be out for a points. Additionally, by avoiding the favourite-longshot biaswhere the expected returns on bets placed at shorter odds exceed that of bets placed at the longer odds, and not betting with one's favorite team, but rather points of spread, and if he was in and out of the market he'd perhaps weather condition and time of day, the possibility of arriving at a positive outcome is. Bowman, iDealing : I'd say the ambit of sport and to a futures trade is for terminals but certainly we have no trouble getting away someone trades a future or.

A futures spread is an arbitrage technique in which a trader takes two positions on a commodity to capitalize on a discrepancy in price. In a futures spread, the trader completes a unit trade, with both a long and short position. As in stock market trading, two prices are quoted for spread bets—a the more popular the security traded, the tighter the spread, lowering the. Where there are free-flowing markets, futures contracts generally exist. for trading futures or CFDs, for example, therefore you can have much more efficient​.