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Michigan is now a full-service sports betting state! Michiganders and visitors to the state can place sports bets on their mobile devices, their computers, and several different retail locations around both mdjsjeux bettingadvice. The online launch in January marked the endpoint of a process that began in December Governor Gretchen Whitmer signed into law two bills, S and Hwhich legalized sports betting both online and in casinos. Incidentally, the two bills also legalized internet poker, online casino games and online fantasy sports. In short, Michigan is quite the destination for placing a bet now.

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Financial spread betting advice bulletin

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It's different from investing in stocks, in this case, you don't actually own anything, but are speculating on if the price of a stock will go up or down. While you aren't entitled to dividends or investor rights, there's a lot of money to potentially be made with spread betting. Based on a points system, depending on how much you bet per point, you'll make or lose that amount every time the asset moves. At ten pounds per point, and the point is set at , you make or lose ten pounds every time the asset moves points.

And unlike buying traditional shares, you can go short as well as go long. But if you want to be successful in spread betting always remember: Understand your Chosen Market The best traders know the industry they're investing in. Warren Buffett has said, "Never invest in a business you cannot understand. If it's sports, make sure it's one that you follow and intuitively understand the big picture. If you know technology or steel, chances are you'll make a lot more money if those are industries you have an interest or passion in, compared to one that mystifies you.

Embrace Stop Losses Managing risk will save you a lot of grief in any venture. The reality is, spread betting is no different. One way to guard yourself is by using a closing order or stop losses. Choose a predetermined price that once triggered, automatically closes the trade. It's always possible the trade will go against you, and a stop-loss order ensures that you can stomach the loss, and keeps you from losing much more.

Being emotional and financially prepared for trade losses will be helpful when winning the long game. The classic downfall is aggressively and recklessly trying to "win big" on your next trade to recoup a loss. Again, legendary investor Warren Buffet has said, "Remember that the stock market is a manic depressive. According to Buffet, "Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it's imperative that we rush outdoors carrying wash tubs, not teaspoons.

But at the same time, it's tempting to get into too many markets. Sometimes it's best to specialize in a few markets that you know and have proven to be profitable. A handful of good baskets is better than 20 questionable markets. Know the Difference Between Winning and Profit It's easy to assume that just because you're predictions are more often right than wrong you're staying profitable.

But spread betting is more than winning; it's about how much you're making when you win, versus how much money you lose when you're wrong. If you're wrong 60 percent of the time, with an average loss of pounds, but your average profit when you're right is pounds, you're making money! The temptation is they only focus on being right as often as possible. And while that's admirable, don't forget to focus on minimizing your losses and maximizing your profits. In fact, if you're starting out, keep trading small, even to one pound per point until you get a firm grasp on spread betting.

Know the Risks There are always risks when it comes to investing and spread betting is no different. If the price of an asset goes against you, you're losing money. But the big risk is liquidation. Because you're required to cover the margin on your spread betting trades if the broker asks you to deposit 10 percent of the total amount you wish to trade, and the asset goes down by 10 percent, and you don't add more funds to cover the margin, your trade would be closed automatically.

When to Close It's possible to exit a position too early after a trade has begun to make a small profit. While the market will not keep going the way you want indefinitely, it could keep going in the right direction for a while longer. However, don't be greedy. It's always tempting to see how high you can fly, but like Icarus, flying too close to the sun will melt your waxwings and lead to your downfall.

Know Your Limits Always have a plan and know what you're willing to risk on every trade. Every person is different, some may have more appetite for risk, you may have less. Where you fall on the scale, make sure you only risk what you're willing to lose and you have enough in your account to reach your goals. 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. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Partner Links. Related Terms Spread Betting Definition Spread betting refers to speculating on the direction of a financial market without actually owning the underlying security.

Forex FX Forex FX is the market where currencies are traded and is a portmanteau of "foreign" and "exchange. Betting on a Modest Drop: The Bear Put Spread A bear put spread is a bearish options strategy used to profit from a moderate decline in the price of an asset. It involves the simultaneous purchase and sale of puts on the same asset at the same expiration date but at different strike prices, and it carries less risk than outright short-selling.

Cash-And-Carry Trade Definition A cash-and-carry trade is an arbitrage strategy that exploits the mispricing between the underlying asset and its corresponding derivative. Covered Interest Arbitrage Definition Covered interest arbitrage is a strategy where an investor uses a forward contract to hedge against exchange rate risk. Returns are typically small but it can prove effective. Bull Spread A bull spread is a bullish options strategy using either two puts or two calls with the same underlying asset and expiration.

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In some cases, shorter opening hours may apply on days which are either UK Bank Holidays or US public holidays, and if such days fall on a Monday we may not open on the preceding Sunday night. Market times for European, Far Eastern and other markets are given in terms of local time. When one set of clocks has changed before the other normally for one week in the spring and one week in the autumn , the times will be different.

Expiry and Rollover Bets not already closed by the client are automatically closed on or after the last dealing day at our closing or settlement price. Details of the last dealing day and settlement method for particular bets are set out in the Information Tables and notes. For most kinds of bet other than bets on options a client can, at any time before the bet has been automatically closed, ask for the bet to be rolled over to a later date. Rolling over a bet involves closing the old bet and opening a new one.

You have to settle any losses on the bet that has been closed. IG generally offers a spread concession when a bet is rolled over, so that the total cost of closing the old bet and opening the new one is normally cheaper than if they were done as two separate transactions. There are different types of concession depending on the type of bet. IG Index normally attempts to contact a client shortly before a bet is due to expire and offer him the opportunity to roll the bet over.

However, IG cannot undertake to do this in every case and it remains the clients responsibility to give instructions, if he so wishes, to roll the bet over before it expires. Talking to our Dealers Many people who do not work in the City find the idea of trading with a busy dealing desk a bit alarming. There is no need to worry; all our dealers are quite used to dealing with inexperienced clients and will do everything they can to help you. They are trained to explain things clearly and will not use baffling jargon.

And don't worry about bothering the dealers when they are busy either; if you do ring up to discuss a general point when the market is particularly active they 4. There are a few simple things to remember when you ring up to deal. First of all, there is a distinction between asking for an actual dealing quote and just asking for information about where a particular market is trading. If you just want to know a current market level and do not intend to deal you should use the word indication.

This will save a lot of time. Can I have an indication for December Nikkei, please? While our dealers are happy to give indicative prices, their main job is to quote and take bets. Many clients now use the live prices on our website www. If you do want a dealing quotation, you should specify clearly the market and the delivery month in which you are interested. March FTSE, please. For your own protection, do not tell the dealer whether you want to buy or sell until after he has quoted you a price.

Do not ask for more than one dealing quote at a time. When the dealer has quoted you a price, you must decide quickly whether you want to deal. If you wait more than a second or two, our quotation is likely to change, particularly if the market is active. If you do want to deal say clearly whether you want to buy or sell, and specify the size in which you wish to deal.

Ill sell ten pounds a point there. Inexperienced clients sometimes use ambiguous expressions, for example Sell me ten or Ill close there. Phrases like these cause confusion and should not be used. If your deal is opening or closing a Controlled. Risk bet, you should tell the dealer at this point in the conversation, and not later on. The dealer will then ask you for your account number and name.

To avoid a delay, you should memorise your account number, or have it in front of you when you call. After that the dealer will enter the details of your deal into our computer system and check whether you are opening a new bet or closing an existing one. Many inexperienced clients use the words sell and close as if they meant the same thing. This is incorrect and can cause mistakes. You can, of course, sell to open a position i.

On the other hand when you close a Down Bet, you are buying, not selling. If you are opening a new bet, the dealer will also check that your account is large enough to accept the bet. This normally only takes a few seconds. It is important to understand that once you have said Ill buy or Ill sell you cannot change your mind a few seconds later and undo the deal; the dealer may already have covered your bet in the market. At the end of the call, the dealer will confirm all the details of your transaction back to you.

To avoid any uncertainty or confusion, it is very important that you do not hang up before you have received this confirmation. A Limit Order will be triggered if at any time, inside or outside market hours, the middle price of our quotation moves through the level of the Limit Order.

We will normally accept a Limit Order on any open bet except bets on options. An instruction to deal if the price becomes less favourable is a Stop Order. For example, if you had already bought March FTSE at you might put on an order to sell if the middle price of our quotation dropped to A Stop Order is normally placed in order to prevent you losing more than a certain amount of money.

We will normally accept a Stop Order on any open bet except Controlled Risk bets and bets on options. A Stop Order will be triggered if at any time, inside or outside market hours, the middle price of our quotation is at, or through, the Stop level. It is important to remember that with Stop Orders on stock indices it is not the level of the Index itself which decides whether the bet is closed, but the level of our quotation.

There may be nothing against which to measure IGs quotation, particularly at times when the underlying market is closed. Our quotations may reflect the movement of a faster-moving futures market or the companys position on that market. Furthermore, business done by other clients may itself affect IGs quotations. If a price reaches one clients Stop level, so that, for example, he sells to close a bet, that sale may itself push our quotation down to a level at which another clients Stop Order is triggered.

Price Information Our internet site www. If you need a price indication and do not actually want to deal, it is often easier to look on the website rather than call our dealers. You should be aware that it will sometimes not be possible for the Stop Order to be transacted at the price you have selected.

In these cases the Order may be transacted at a level worse, possibly much worse, than the level you have selected. Any such slippage will be determined on a basis which IG believe to be fair and reasonable. Inside market hours, the time-and-sales record of the underlying market will normally determine the amount of slippage, if any.

Outside market hours, any slippage will be determined by IGs assessment of market conditions including movements in any related market and the business of other clients. Half the IG Dealing spread is charged in the normal way when a bet is closed as a result of a Stop or Limit Order being triggered. So if, for example, you had placed a Limit Order to close a buy bet on the near-month FTSE at a limit of , and the Limit Order is triggered, your bet will be closed at , the Order level, minus 4, half the IG spread.

Unless you specifically tell us otherwise, all Stop and Limit Orders will be treated as orders to close specific existing open bets. So if the relevant open bet is closed for any reason, any unfulfilled connected Stop or Limit Order is automatically cancelled. When a bet is rolled over, the existing bet is closed and any Stop or Limit Order attached to that bet is automatically cancelled; it is up to you to place an Order on the new bet if you want to do so.

We also accept Stop and Limit Orders to open a new bet rather than close an existing bet. If you want to place an Order of this type, you must tell the dealer that it is an Order to open. Orders to open may be subject to minimum sizes which are higher than our minimum bet sizes; please ask our dealers for current details. Should you request it, we will attempt to contact you by e-mail when your Stop or Limit Order has been triggered.

However, we cannot undertake always to do this, especially in busy market conditions. When you open a Controlled Risk bet you pay a small premium, through an increase in IGs dealing spread, and you choose a stop-loss level at which, if our quotation reaches it, your bet is to be automatically closed. You are guaranteed at all times, including overnight, that if our quotation reaches your selected stop-loss level your bet will be closed at exactly the level you chose, even if our quotation has in fact passed right through that level.

You cannot lose more than [ - ] x Your bet will still be closed at your selected Controlled Risk stop level of There is another important difference between Controlled Risk bets and ordinary bets. With an ordinary bet you pay a spread when you open the bet and another spread when you decide to close it. With a Controlled Risk bet, on the other hand, all the IG spread is paid at the beginning, by taking the price without normal IG spread and adding or taking off the Controlled Risk spread.

For example, you might buy Brent Crude Oil. You might then close it when the market price was and our quotation was to closing level : profit of points. If you had made it a Controlled Risk bet, the whole of our increased spread 16 points would have been added to the market price of when you opened the bet but there would have been no spread on closing. So you would have opened the bet at and closed it at profit of points. It is important to remember that with Controlled Risk bets on stock indices the bet is closed if the middle of IGs quotation for your month reaches your selected levelit is not the level of the index itself which decides whether the bet is closed.

So, before deciding to use Controlled Risk bets on stock indices, please bear well in mind that there may be nothing against which to measure IGs quotation, particularly at times when the underlying market is closed. IGs quotations, especially at such times, reflect our own view of the prospects for a market. If a price reaches one clients Controlled Risk stop level, so that, for example, he sells to close a bet, that sale may itself push our quotation down to a level at which another clients Controlled Risk bet has to be closed.

There is no special minimum size for Controlled Risk bets. However, when you open a Controlled Risk bet, your selected stop level must be a minimum number of points away from the opening level of your bet. The minimum permitted distance will vary depending on market conditions. You may wish, before a price reaches your. Controlled Risk stop level, to change the stop level. This is frequently possible, but only at IG Indexs absolute discretion.

If the change increases the amount of money which it is possible for you to lose on the bet the deposit requirement will be increased. When you do this, the existing non-Controlled Risk bet is closed at the current market level with full IG spread. A new Controlled Risk bet is then opened at our middle price or at the market bid or offer in cases where we pass on market spread plus or minus the Controlled Risk premium.

No IG spread is charged when this new Controlled Risk bet is subsequently closed. You decide to convert your bet to Controlled Risk. Rolling a Controlled Risk Bet When a Controlled Risk bet is rolled over, we will, unless instructed otherwise, place the Stop on the new bet at the same market level as the Stop on the expiring bet. If there is insufficient money on the account to allow this to happen, the Stop will be placed as far away as the funds available allow.

Limit Orders on Controlled Risk bets are not automatically re-instated when a bet is rolled over. Hedging Hedging is a means of limiting risk. For example, investors can sell a share with IG in order to guard against the risk that the price of that share may fall, without actually liquidating their holding.

Covering your risk through IG works out very much cheaper than actually selling all or part of your portfolio. Stock Market dealing costs can be heavy when you take account of the brokers commission and the market-makers turn. Another disadvantage of selling shares, if you are selling them at a profit, is that you can incur Capital Gains Tax.

But remember, hedging is a defensive move. It is likely to eliminate, as long as the hedge lasts, any profit to be made on a share you are hedgingif your share goes up you will probably lose money on your sale with IG. Deposits Every bet involves a corresponding deposit. If you have a Standard Account the deposit normally has to be sent to IG the day the bet is opened. If you have a Limited Risk Deposit Account, you must normally have sufficient cash in your account to cover the maximum possible loss before you open a bet.

If you have a Credit Account you do not normally have to send the deposit, but the size of the deposit is still important because it affects the size of the bets you can have open see Account Size below. The deposit requirement for each bet is equal to the bet size multiplied by a Deposit Factor. For example, the Deposit Factor for London Cocoa is The Information Tables give the current normal Deposit Factors for each bet. In most cases our deposit requirements are based on those of the futures exchanges.

The exchanges frequently change their deposit requirements and, in the same way, IG reserves the right to change deposit requirements or require new or additional deposit payments without notice. For this reason, the Deposit Factors shown in the Information Tables may not be current when you open a bet. Any changes will normally apply to bets already open, as well as to new bets. In some cases a client may have open two or more bets which are connected in such a way that it is unnecessary to charge full deposits on both.

If you make bets of this type, the dealer will be able to tell you the amount of your total deposit requirement. We must, however, emphasise that we are not obliged to take account of connections. There are important differences between the three types of account. These relate to deposit and margin and are explained below. We shall, of course, do our best to accommodate you but, under the rules of our regulator, the Financial Services Authority the FSA , we must not extend credit to a client unless we are satisfied, according to criteria laid down by the FSA, that the credit arrangements and amount concerned are suitable for the client.

Placing a Stop Order on a particular bet can result in a substantial reduction in the deposit requirement. When you have a Stop Order to close a bet, the deposit requirement is worked out by taking the distance between the opening level of the bet and the Stop level and adding a factor for slippage. Normally such a bet would require a deposit of , deposit factor, times 10, bet size.

If a Stop were placed at , the deposit factor used would drop to , i. So the deposit required would drop to The deposit required for a Controlled Risk bet or for a purchase of a traded option will normally be equal to the maximum amount you can lose on the bet.

Bets denominated in currencies other than sterling normally have a deposit requirement denominated in the relevant currency. In such cases the client can, if he prefers, put up sterling, in which case it will be converted into the relevant currency at an exchange rate no more than 0. Conversion into sterling will also be at an exchange rate no more than 0. Deposit Limit. This is the maximum deposit requirement which the account is permitted to incur.

The Total Deposit Limit thus controls the maximum size of bets which you may have open on your account at any one time. In the case of a Credit Account, you can open bets requiring deposits up to your Waived Deposit Limit without sending or having on your account funds to cover the deposits. You can open further bets requiring deposits up to your Total Deposit Limit by sending or having on your account funds to cover the deposits they incur.

Once you have reached your Total Deposit Limit, you will not normally be allowed to open any new bets. In most cases, this rule applies even if you have with us ample money to provide the deposits which the new bets would require. There are a few ways in which the cash on account can be used to offset deposits. Any positions that are Limited RiskControlled Risk bets and Up Bets on Optionscan have their deposit covered by the cash on the account.

So can the deposit that is incurred by a bet which has a non-guaranteed Stop which is close enough to reduce the deposit. If your Account Limit is too low for the size of positions you wish to run, please contact us and we will see whether we can increase it.

Margin You may have to put up additional money, known as margin, if prices move against you. A request for margin is usually made by telephone. Such requests, called margin calls, are normally made when your running losses on open positions are greater than your Margin Call Trigger.

You are advised, therefore, not to make bets for which the initial deposit requires all the money you can spare, as otherwise you may be forced to close a position you might prefer to keep open. Margin calls to holders of a Credit Account are 9.

It is, except in certain circumstances specified by the FSA, within IG Indexs discretion whether or not to make a margin call and, in any case, if it does not do so, that in no way affects the liability of clients for the whole of any losses. Any losses on closed positions must, of course, be paid immediately. The prices we quote on stock indices for particular months normally differ from the current level of the indices themselves, and you must remember that any margin call you receive will be based on IGs quotations, not on the level of the indices themselves.

If you have positions open when you are on holiday, or at any other time when you are unlikely to be easily contactable, you must remember to make arrangements to keep in touch with IG dealers, and provide some way of allowing IG to alert you to any sudden changes affecting your bets.

You must also be in a position to get money to us as quickly as if you were at home. Statements If you request it, we can send you statements and formal confirmations of your bets by e-mail instead of by post. Bet conrmations When you make a bet we can e-mail an immediate, informal confirmation.

Stops We can alert you by e-mail when a Stop Order is triggered on any of your bets. This includes Stops on Controlled Risk bets. Other IG Services Foreign Exchange As well as offering the currency bets described later in this Handbook, we also provide a regular i. Please call the Foreign Exchange Desk on if you are interested in finding out more. Margined Share Trading Our shares desk offers a full service in equity CFDs Contracts for Differences to brokers, corporate traders and experienced private investors.

For further information please call the Margin Trading Desk on Sports and Political Betting IG offers a very wide range of spread bets on sporting and political eventsfor example, the number of seats each party will win in the next General Election. If you would like more information about Sports or Political betting, please call the Sports Desk on Freephone Administrative Queries If you have a query about your account or about any general administrative matter, please call us on Please call between 9.

E-mail Services More and more of our clients prefer to receive information by e-mail rather than by letter or over the telephone. Please let us know if you would like any of these e-mail services:. Dealing on the Internet Many clients now prefer to deal with us over the internet. You do not need to open a special type of account to do this; you can make bets on any IG account both on-line and by phone.

Also, as our new dealing interface runs entirely through your browser, you do not need to download or install any new software. When you open an account you will be sent an internet password under separate cover which will give you secure access to the dealing area of our website. The first time you log in you will be prompted to change your password for future use. Our web address is:. This service enables you to receive your money much more quickly payments made on Monday, for example, will be cleared in your account by Wednesday and with a minimum of effort.

If you would like to receive payments through BACS rather than by cheque, you should provide us with your current UK bank details, including the sort code, your account number and the name and address of the institution. For your protection we require these details in writing, so please let us know by post, fax or by e-mail to helpdesk igindex. Should you have any queries about this service, or about bet payments in general, please call Freephone You will also gain unlimited use of award-winning news and charting services.

Your account details can also be viewed on-line. This includes a real-time valuation of all positions currently open, along with a live calculation of your running profit or loss. Your whole portfolio is reflected here, including bets made both online and over the phone.

If you experience any problems with our internet dealing, please call our Freephone Helpline on Glossary and Abbreviations Note: These interpretations are not necessarily the same as or as precise as normal market meanings and refer largely to the terms as they apply in IG transactions. Down Bet Sell : A bet backing a particular price to fall. Spread: The difference between the buying and selling price for a particular bet.

Rollover: The procedure whereby a bet approaching expiry is closed and a similar position is opened in a more distant month, thereby prolonging the exposure to a particular market. Last dealing day: The last day on which a client may deal in a particular market, for opening or closing trades. This may or may not coincide with the settlement date for a bet.

Controlled Risk bet: A bet which has a strictly limited maximum loss. Contract lot size: The minimum amount which can be traded in a futures or option market. Last trade : Normally the last traded price in a particular market. In some cases, as in share markets, the printed last trade may be the middle of the last bid-offer. Premium: The amount by which a price for one instrument exceeds that for another instrument. For example, if December Cocoa is trading at and September Cocoa is trading at , December is at a premium of 25 to September.

The term is also used in currency markets to describe the amount by which forward currency rates exceed spot rates. See also Options Glossary. The term is also used in currency markets to describe the amount by which forward currency rates are less than spot rates. Spot: The price for a currency, index, commodity or share for immediate settlement or delivery. In an illiquid market, a small amount of business often moves prices a disproportionate amount, and bid and offer prices can be far apart.

A market is limit-up if it has reached a pre-imposed ceiling above which it temporarily cannot trade. A market is limitdown if it has reached a pre-imposed floor below which it temporarily cannot trade. Long: A position taken in anticipation of a rising market. To go long means to buy. Short: A position taken in anticipation of a falling market. To go short means to sell. Contango referring to commodity markets : The situation where the price for immediate delivery of a commodity is lower than the price for some future date.

Backwardation referring to commodity markets : The situation where the price for. Hedge: A trade or position that reduces or eliminates the risk of loss from an adverse price movement in a position already held. A position with high gearing or leverage stands to make or lose a large amount from a small initial outlay.

With IG Index, the initial outlay in question is normally the deposit for the bet. Deposit: The funds required as initial outlay for a bet. It is not the total amount that can be lost on the bet. With a Credit Account, although. Margin: The amount required from a client in addition to any deposit dueto cover losses if a price moves adversely. Sometimes called variation margin. Account Limit: This is the total amount of deposit requirement a client can incur at any one time.

Credit Limit: The total losses a client with a Credit Account can run on open bets before it is necessary to send in margin. Options Glossary Call: The right to buy at a fixed price on or before a particular date. Put: The right to sell at a fixed price on or before a particular date. Strike price: The fixed price at which the holder of an option is entitled to buy or sell In-the-money: Describing an option with intrinsic value.

Out-of-the-money: Describing an option without intrinsic value. Intrinsic value: In the case of a call option, an option has intrinsic value if the strike price is lower than the current level of the underlying market.

In the case of a put option, an option has intrinsic value if the strike price is above the current level of the underlying market. The intrinsic value is the difference between the current level of the underlying and the strike price. At-the-money: An option whose strike price is at the current level of the underlying market. Premium: The price paid or received for an option.

The extrinsic value of an option reflects the likelihood that the option will move into, or further into, the money before expiration. Stock Indices Stock Index futures allow you to gain an exposure to a large number of different shares in one single transaction. They are popular with private investors because they can be used to take positions on the direction of a whole market without taking a view of the prospects for any particular companys shares.

A short position in a Stock Index future can also be used as a rough, low-cost, hedge to protect a diversified share portfolio against market falls. IG offer bets on a wide range of Stock Index futures. They are amongst our most popular products. Betting on Stock Index futures with IG has a number of significant advantages when compared with trading the futures themselves.

In particular: We often quote prices for months which are not quoted, or are not yet liquid, in the equivalent futures market, giving you greater flexibility and the ability to take longer-term positions. Our minimum bet sizes are usually smaller than the minimum transaction size in the equivalent futures market. We quote prices on our most popular Stock Index futures bets even when the underlying markets are closed. When trading Stock Index futures, it is important to remember that the current price of the future will not normally be the same as the price of the underlying Index.

There are, broadly speaking, two reasons for this: Futures contracts usually trade at prices which reflect the interest advantage, and the disadvantage of foregone dividends, which is obtained by taking a long position in a futures contract rather than buying actual shares for cash. Interest rates are generally higher than dividend yields, so the future will usually have a natural premium, called a fair value premium, to the underlying Index. Futures prices can respond to news or a change of sentiment more quickly than Indices, which are not fully up to date until every individual share which they contain has traded.

In a volatile market, futures contracts can trade at very substantial premiums or discounts to their underlying Index. IGs quotes for bets on Stock Index futures take account of these phenomena. They also take account of market sentiment and the business we are currently seeing from our clients. A bet with IG on a Stock Index future is a bet about what the level of the underlying Index will be on a specified date in the future, not a bet about the current level of the Index.

For example, IGs quote for a particular month may be at a substantial premium to the Index when you open a bet and at a much reduced premium, or a discount, when you come to close it later. This would be good news if you had sold but would reduce your profit, or increase your loss, if you had bought.

You deal at the lower of the two prices quoted, i. The deposit is ; 30, bet size, x , deposit factor. You will win 30 for every point by which your closing price either when you close it or when it expires is lower than , or lose 30 for every point by which your closing level is above The market moves in your favour.

The closing price is , and your profit is calculated as follows: Opening level Closing level Difference You deal at the higher of the two prices quoted, i. The deposit is ; 10, bet size, x , deposit factor. You will win 10 for every point by which your closing price is higher than , or lose 10 for every point by which your closing level is below Closing level Opening level Difference Current and next month, last month of current and next quarter. Third Fri. Mar, Jun, Sep, Dec Bus.

Mar, Jun, Sep, Dec Contracts up to and incl. March last Sydney bus. Notes to Stock Indices Information Tables 1 Spreads are subject to variation, especially in volatile market conditions. Normal spreads for these markets are as follows:. Notes: 1 only the first quarter month will be quoted during Globex hours 2 Market spread will be added to IG spread during Globex hours.

The closing price will be the market level without IG spread. All other bets expire on the basis set out below, plus or minus half the IG spread. Note that this is the day after the last IG dealing day. This contract can be dealt in until Note that this is the Hong Kong business day following IGs last dealing day. The settlement price is the average of the Hang Seng Index at five minute intervals, rounded down to the nearest whole number, on the last trading day. This means that the first traded price of each component stock may occur at any time time between ASX market open and ASX market close including the Closing Single Price Auction on the last trading day.

Should any component stock not have traded by ASX market close on the last dealing day, the last traded price of that stock will be used to calculate the Special Opening Quotation. Notes to Stock Indices Information Tables 5 24 hours dealing starts at Ask dealers for information about public holidays. Market times for other markets are given as local time, unless otherwise indicated. When a Daily FTSE Index, Daily FTSE futures, Daily Wall Street or Daily Wall Street futures bet is rolled over, the open bet expires at the closing level of the relevant index or futures contract and a new bet is automatically opened for the next trading day at the closing level of the relevant index or futures contract plus or minus the IG rollover spread.

When a Daily FTSE Index bet is rolled over from Tuesday to Wednesday, the opening level of the new bet is adjusted to take account of the ex-dividend adjustment to the Index. This is the number of points by which the FTSE Index must be adjusted downwards to take account of those shares in the Index which go ex-dividend before the Wednesday opening. When a Controlled Risk Daily bet is rolled over, we will, unless instructed otherwise, place the Stop on the new bet at the same level as the Stop on the expiring bet.

When these bets are rolled over, the open bet expires at the closing level of the relevant index or futures contract and a new bet is automatically opened for the next trading day at the closing level of the relevant index or futures contract plus or minus the IG rollover spread. The IG rollover spread is 0.

When a Controlled Risk Daily bet is rolled over we will, unless instructed otherwise, place the Stop on the new bet at the same level as the Stop on the expiring bet. The IG rollover spread for a Controlled Risk bet is 0. For Daily Wall Street, the deposit factor is initially ; this will be cut to at Since then, our shares desk has grown dramatically. If you are interested in dealing in a particular share but are unsure whether we offer it, please call in and ask our dealers.

We may be able to make you a price immediately. If you have not used our share service before, you should take a serious look at what we have to offer. Gearing You can take a position in a stock without having to put up the full contract value. If you have a credit account you do not normally need to put up any deposit, as long as you are trading within your waived deposit limit. Low transaction costs There is no commission or stamp duty to pay.

The only charge is our dealing spread, which normally varies between 0. Bears and bulls welcome You can go long or short of almost every share that we quote. While there are other methods of shorting a stock, they are less straightforward and not usually available to smaller private investors.

Small minimum deal sizes You dont need to make big bets. Immediate dealing We quote a price and you can deal immediately; no irritating waiting for an execution. Controlled Risk facility We offer a guaranteed stop-loss facility on the vast majority of shares we quote. The extra charge is normally 0. Quarterly Bets Quarterly Bets are designed to allow you to run a position in a share for several weeks or months.

We normally quote prices for the next two quarter months. During January, for example, we will quote prices for March and June. Our price for a forward date will normally be slightly different to the price trading in the stock market. It is important to understand that these premiums or discounts are mechanical and do not reflect a bullish or bearish view on the part of our dealers.

It works as follows: Forward prices trade at a premium to spot prices to reflect the sacrifice of interest which an investor experiences by making payment for actual shares instead of taking a forward position. On the other hand, if a share is expected to go ex-dividend at any time before the forward dealing date, the forward price will be reduced by the amount of the anticipated dividend. This reflects the fact that a holder of actual shares receives dividends while an investor taking a forward position does not.

Typically, dividend yields are less than interest rates and the forward price therefore trades at a premium to the spot price. However, for some old economy stocks, high dividends can mean the forward price is at a discount. Daily Bets Daily Bets are designed for the short-term trader. Our quote is based on the cash price of the shareso you dont need to worry about any forward premium or discount. However, you can always ask for the bet to be rolled over to the next day.

This involves closing the old bet and opening a new one. The opening level of the new bet will be adjusted to reflect the effect of interest and any dividends, but there is no extra IG spread to pay. You can roll a Daily Bet over as many times as you like.

You can also leave us a standing instruction to roll a particular Daily Bet, until such time as you instruct us to close it. Alternatively you can leave a standing instruction to roll all your open bets until you decide to close them.

Other shares may be available on request. You can choose to have your bet denominated either in sterling or in the currency in which the particular share is quoted in its home market. Dealing Spreads Dealing spreads are calculated as a percentage of the current price of the share as follows:. These change regularly; please ask our dealers for current details.

It is important to remember that these transactions are bets and that the options cannot be exercised. For this reason, the prices that we quote may sometimes be different to the price quoted in the underlying market, particularly if the share is about to go ex-dividend. A short explanation of the advantages of option trading can be found on page 70 of this Handbook.

SETS allows market participants to contribute bids a bid is an order to buy and offers an offer is an order to sell for the stock themselves. The best resulting bids and offers comprise the price that is quoted in the market. In general, stocks that trade on SETS tend to be more liquid.

However, for larger bets it is still often necessary to check that there are bids or offers on the order book in a size comparable to the size of the bet before we quote you a price. Non-SETS stocks are traded with market makers, who quote a bid and an offer for the stock in question, in a certain normally fixed number of shares.

The bids and offers of all the participating market makers are gathered and the best bid and best offer are displayed. However, the prices displayed by the market makers are not absolutely guaranteed for trading, and it is frequently necessary for us to check the market before quoting you a betting price for larger bets.

Market-maker stocks can be extremely illiquid. This means that you make 25 for every point our quote rises above and you lose 25 for every point our quote falls below Your bet is the equivalent of buying shares.

This is because if you did own shares, each penny movement in the price would be worth 25 to you. There is no brokers commission or stamp duty to pay; the only charge is our dealing spread. Your profit is calculated as follows: Closing level Opening level Difference Your bet is the equivalent of selling short shares. Your loss is calculated as follows: Closing level Opening level Difference You open the bet at , plus the Controlled Risk dealing spread of 5.

You have to decide how much money you want to risk on the bet. You decide to put your Controlled Risk stop at That means you are risking 30 points , opening level, minus , stop level. That is the most you can lose.

Your bet is closed at exactly , your stop level, not at our current quote. You have lost the maximum on the bet, but the Controlled Risk protection has saved you from a much bigger loss. You think that the stock will rise in the short term and ask IG Index for a Daily quote for Vodafone.

We quote you This means that you make 50 for every point our quote rises above You also instruct us to automatically roll over all Daily bets on your account. At the end of trading on Thursday, Vodafone closes at Your Daily bet is rolled over by closing at this level and re-opening a new bet for the next day at The next day Vodafone makes strong gains, ending the session on Friday at Once again your bet is rolled over; the current bet is closed at and a new bet is opened for the next business day at You decide that the stock is due to rise.

You open the bet at This means that you make 50 for every point the option rises above 34 and you lose 50 for every point the option falls below Lloyds TSB does rise, and two weeks later the stock is trading in the market at p. Your profit is calculated as follows: Closing level Opening level Difference 56 34 Shares Bets: Notes a Dealing spreads on shares are subject to variation, especially in volatile market conditions or in other unusual circumstances.

Market spread will be added to the IG spread shown in the tables. Market spreads can widen significantly, particularly at the beginning and end of the trading day. Controlled Risk bets may not be available on certain illiquid stocks; please ask our dealers for current information. These change regularly; ask dealers for current details. This applies to both opening and closing transactions.

No spread is charged on option bets which are left to expire. The size of the spread varies between 4 and 20 points, depending on the option premium, the time to expiry and the volatility and liquidity of the underlying stock. The percentage will vary depending on the volatility of the share and the Exchange on which it is traded.

US and European shares normally have Deposit Factors. The deposit required for buying a share option is the opening level times the size of the bet. For each share, one point means one penny. Bets on US shares are denominated in dollars or pounds per point, at your choice. For each share, one point means one cent. Bets on European shares are denominated in pounds per point or in the local currency normally euros , at your choice.

Bets on shares in other markets are denominated in pounds per point or in the local currency at your choice. The bet size equivalent to a position in a particular number of shares is calculated in the same way as detailed above. Bets on UK Share Options are always denominated in pounds per point. Bets on US Share Options are always denominated in dollars per point. For bets denominated in other currencies, the minimum bet size is the equivalent of worth of underlying equity.

We will not quote UK Daily shares bets after Prices are quoted for the current and next quarter month. IG normally quotes prices for the next three expiry months. For a US Share Option, IG normally quotes prices for four expiry months; two near months plus two additional months from the relevant expiration cycle.

The last dealing day for Daily Bets is the day on which the bet is opened. The last dealing day for US Share Options is the third Friday of the expiry month or the previous business day if this is a market holiday. If no price is reported in the Financial Times then the price used will be the price as reported by Bloomberg.

Bets on Share Options cannot be rolled over. When a Daily Bet is rolled over, the expiring bet is closed at the last traded price at or after the close of the relevant Exchange without IG spread. The opening level of the new bet is adjusted to reflect the effect of interest and in cases where the relevant share goes ex-dividend before the next market opening the effect of any dividend. No IG spread is charged on the opening of the new bet.

Details about the. The system trades 40 different financial markets including stocks, commodities and forex. Within the members area you will find custom built position sizing software, market updates and extensive trading manuals which cover all aspects of financial spread betting as well as the all important weekly trade sheet.

Trade alert emails are also sent during the week as part of the service. The LS Trader system is based on very sound trading principles that have stood the test of time. Click here to learn more about how our system could help you and take advantage of a 1 month free trial To sign up, simply go to : www. Especially those that are looking for longer term trading success and not overnight riches" Tony Silva, subscriber.

Since not all trades were necessarily taken then the results should be seen as hypothetical. Hypothetical performance results have inherent limitations including the fact that they are generally prepared with the benefit of hindsight. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading system.

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Future results may be higher or lower than past results. May www. Subscription costs apply thereafter. All systems will have lean times and losing periods and that is a fact of the markets. The markets simply do not trend all the time and often have periods of directionless, choppy markets where it is very hard to make money. During these times the trend trader will often get whipsawed out of numerous trades shortly after he has entered.

It is necessary, therefore, to be able to sustain a series of losses so that the trader is still around to take advantage of good trading conditions when they return, and they always eventually do. This can only be accomplished by taking small bets, so that when trading conditions are not favourable, the minimum amount of damage is done to account equity and the majority of trading capital remains intact following a losing period to capitalize on new trends.

The LS Trader system incorporates all of the above 4 rules and has rules to ensure that these principles are consistently applied. This takes all of the guesswork out of trading as there is a rule for everything such as where to get in, where to get out and how much to stake depending on account size.

Extensive support and guidance Subscribers to LS Trader receive everything that they need in order to spreadbet successfully. This includes an extensive manual that covers all of the key concepts required, but most importantly includes our trade updates. This is a summary of the 40 markets that we trade, including stock indexes, commodities and forex.

This summary, that we call the weekly trades sheet, lists all 40 markets that we trade, whether we have a position in each market or not, the entry price and date as well as the current stop loss for each market. We also include a list of entry stops for all markets for the week ahead with the associated exit stops. In addition, we send out a weekly email with updates on what has happened during the previous week as well as our thoughts on what may happen in the week ahead, as well as key technical levels to look out for in the coming week.

We also send out a market commentary email that covers all of the market sectors that we trade. Since we launched the LS Trader system into the marketplace in andin spite of coinciding with perhaps the most volatile few years in recent market history, the results have been extremely impressive, with a CAGR of These sort of returns coupled with our rigorous risk processes are absolutely perfect for spreadbettors.

We have many profitable subscribers who have been using us for years. As an exclusive to Spreadbet Magazine readers we are offering readers a free 30 day trial to see just how our system works and hopefully help generate some profits for you too! Visit www. Good luck with your trading this month. Phil Seaton, LS Trader. Future performance may be higher or lower than past performance.

To ensure delivery every month of our unique magazine direct to your email then click here to subscribe for FREE. School CornerBinaries explained and how to use them. You can also bet on a binary outcome with as little as 10 mins to the expiry - this is more akin to true gambling, however, than typical spreadtrading. The price range of a binary in spreadbetting is zero If you were to play a daily binary bet on the probability of the FTSE closing UP on that day, it might be priced at say Thus, in this instance, the binary is likely to be priced at say 20, i.

There are 2 ways you can play a binary - you can either buy the binary, or you can either sell the binary. Thus, you would sell the binary at If, however, the FTSE did close up on the day, your loss would be 80 - 20 x your stake. This is the same as the example used above.

This is the simplest type of binary to understand and is the most popular, and is generally available on a wide variety of instruments. This is also a relatively straightforward type of binary that is, as the name says, a bet on the probability of the underlying instrument on which the binary is based touching a particular price point during the life of the binary bet, and which could be anything from 10 mins to 1 week. This type of binary involves the underlying instrument touching TWO price levels - one that is above the current price and one that is below the current price.

These binary bets are suited to volatile markets where there is a higher probability of the particular instrument gyrating around the two trigger points - they are likely to be more successful in markets that are in the latter stages of a deep sell off where the downside is invariably lower than you always expect, but where sharp reversals can occur.

If the underlying instrument only touches one of the price points, the binary still expires at zero. This type of binary is very similar to the double touch binary except that it only requires the underlying instrument to touch ONE of the 2 trigger points. If it touches either of the trigger points, then it makes up at A trader on a ladder bet is looking for the underlying instrument to trade through a number of particular price levels at pre-determined time points.

The price levels are arranged just like the rungs of a ladder, hence the name. The index level may be say It is basically a succession of one touch binaries. How to use binaries Below is a list of how we, at Spreadbet Magazine, would suggest that you use binaries to the best effect:. On a particular day you might think that the FTSE is prone to a fall, but you do not want to exit your long bet which has, as we established, a medium term timescale to you.

What you could consider here is buying a binary for the FTSE to close down on that day. This type of trading is where you have a high conviction in a particular bet but you still do not want to expose yourself to a large potential equity drawdown should you be wrong.

For example, you might believe that the DAX is oversold at the level, but you are fearful of further volatility and the possibility of more sharp falls and so you are reluctant to open an outright long bet. You could, therefore, use binaries at this point to take a position on the Dax rising on successive days, safe in the knowledge that your downside is fixed at the cost of the binary i.

Should the market continue to fall and your conviction grow further then, assuming you have not exhausted too much equity buying the market down via the binaries, you would progressively increase your binary bet size thus maximising your profit making potential when the upswing does come. I particularly like these types of trade opportunities. Basically you are looking to take a contrarian view on a particular news feature, for example the non-farm payrolls figure.

If the market is expecting a low jobs creation number and there has been a degree of weakness in the market in the preceding days leading up to its release and with the market being down going into the release of the figures, then this is the type of set up I like on the bull side. I would typically play this by entering the countertrend outright long or short spreadbet in stages, and if the market continues to move away from me, then I would use the binaries as fixed cost ways to average in.

To conclude, binaries are really orientated to the more quick-fire short term type of trading or traders - it really is skirting the boundaries of typical spreadbet position taking and outright gambling. We would also caution against selling any binary below a price of 20 - no matter how likely the probability of the binary expiring at zero seems to you. There is a time to buy these bets and that is as highlighted above with regards to high probability swing trades. Finally, one thing I would say is that you can, of course, trade out of a binary at any time before the expiry - you do not need to run it right to the wire.

You will greatly extend the life of your binary account this way as it is plain and simple good risk management - the cornerstone of ALL successful traders. For holders of Heritage Oil, the last 12 - 15 months have been painful, to say the least, with the shares falling from over p in Feb to plumb the recent lowly depths of p.

Spreadbet Magazine believes that, as is always the way, the stock market has over reacted and, quite extensively so to the issues surrounding Heritage. Let us look at each asset in turn -. The market seems to think that a find of up to 9. This is the only way one can rationalise the current share price.

The company however believes that monetisation of this asset will commence in - not too far away now and sufficiently close in timescale that any large time value discount is not warranted. Independent gas marketing studies have highlighted increasing gas demand in Kurdistan, Turkey and Europe that can potentially provide valuable markets for the gas volumes.

There is an existing transmission pipeline system in place in Turkey with only a km pipeline needing to be built in Kurdistan to the Turkish border. We believe this will be a transformative event for Heritage as the market will then have to ascribe a value to the gas as it finds a natural export path. See diagram to the top right showing the existing transmission system in Turkey. You can see just how lowly valued Heritage is relative to the entire sector. Below is a cross section of the Miran East and West structures which illustrate the hydrocarbon potential.

It is by no means certain that within the East structure, where drilling commenced in March , that Heritage will find hydrocarbons due to the nature of an exploration well, however, the structure is contiguous to the very large hydrocarbon bearing West structure.

The company is also continuing to drill down past 3, metres on their Miran West-3 Well following the update in early March and again as can be seen from the section below this area is where the company is appraising the gas discovered in the previous well. It is worth also reflecting on the recent arrival of Exxon Mobil into Kurdistan too as an illustration of the political de-risking of this area. Analysts typically value this asset at a conservative 43p per share.

The company is currently in the process of acquiring 2D seismic data and should they find oil here, given the sheer size of the block, this would be another transformative event for the company. The 2 blocks in Mali look, at this point, to be not material to the company. Unrisked values go up to 65p per share, although the recent coup will most likely lead to delays in the work programme. Any discovered hydrocarbons could be very easily connected to the existing infrastructure in this region as one of the main pipelines actually runs through the Zamzama acreage.

We ascribe a nominal 10p valuation here for the moment. In fact, we believe that part of the reason for this investment was also to give them leverage in the boundary dispute with Malta and assist Heritage with the drilling programme there. What distinguishes Heritage from its peers? The Company has many competitive strengths including:. What do you say to those shareholders that believe the purchase of the Heritage shares by the company has been a monumental waste of money?

We are focused on building long term shareholder value. This can take some time, but the management team has a track record of delivering success and is very much aligned with other shareholders as we own over one third of the company.

We have personally not sold one share and Heritage has undertaken a significant share buy back programme as we consider the company to be materially undervalued. In the near-term the main priorities for the Group are to continue to drive our current portfolio forward with exploration or development and drilling programmes in Kurdistan, Tanzania and Malta. We currently have two rigs drilling in Kurdistan and are reviewing results from seismic campaigns that could provide future growth in the portfolio.

We are looking to further develop the existing portfolio and continue to look for value generating opportunities within our core areas. What options are open to you for the monetisation of your Miran Field? We consider the Miran Gas Field to be of such a size that it is a commercial discovery and independent engineering studies have confirmed the potential for a fast-tracked, phased development of the field, with local gas sales in and full field development through export of the gas to Turkey in The Company has an excellent track record built over many years, one that we continue to live up to, having found in excess of 2 billion barrels of oil in Africa and one of the largest gas fields in Iraq.

Management is very aligned with existing shareholders and is focused on rebuilding shareholder value through the existing portfolio and diversification by acquiring assets in our core areas of Africa and the Middle East. Catalysts The potential catalysts for value realisation are multi-fold and could include any or all of the following a Success in drilling the balance of Miran West and Miran East with the presence of oil and gas b An accelerated path to market for the major gas find in Miran including access to the lucrative gas market in Turkey c News on the Tanzanian, Maltese, Pakistan and Mali exploration programmes d Potential corporate activity - sale of Miran, farm in of the Malta prospect or indeed a bid for the company or a transformational acquisition e A positive outcome in the arbitration process.

Cumulative valuation possibilities Taking the figures above we result in the following as a potential upside value to Heritage in p -. Given recent security issues in Mali and Pakistan we have assumed only nominal value for these licences.

Technical Picture Looking at the short term chart we can see the stock is beginning to probe the downtrend from early February - this comes in around the p level. A close above here targets next resistance around the p level. A number of consecutive daily closes above p will be the confirmation signal I am looking for that the stock has broken the intense downtrend in recent weeks.

A move beyond p will likely take us back towards p in short order and, as can be seen from the longer term chart will be a decisive break of the longer term down trend from early The Company has indicated that it has been searching for material transactions and so could one of these transformational deals be completed? At the current price of p time of writing and with cash and stock assets of almost p, we struggle to see any downside whatsoever from here.

The upside is considerable and this is our second Conviction Buy in this issue. Regular readers will know my usual caveat however and that is - be careful on your leverage do not gear yourself more than 3 times current surplus cash on your account and so give yourself headroom for further market volatility. In the interests of clear disclosure, I declare myself presently long the shares in this company. AIM listed. Debt free. Segregated client accounts.

For safe and secure trading create a financial spread betting account at capitalspreads. It is distinguished by exposure to emerging markets and is viewed as relatively conservatively run. A re-focusing of the group to improve returns and an attractive dividend ensure we rate the stock a buy. Few banks come out of the global financial crisis smelling of roses and HSBC is no exception.

However, the strong diversification of the business helped it to weather the storm and it now looks to be well positioned versus competitors. With competitors having retrenched loan margins have widened and loan conditions tightened. The yield is the highest among UK bank stocks while prospects for the international bank look solid.

This is as the shares weakened on the European Sovereign debt crisis which took hold from Q3 In the near term support is located at the technically important day moving average at We would expect the downside to be limited to this level. A sustained break above the 50 day moving average would signal a continuation of the uptrend targeting an initial retest of the With reference to the weekly chart, prices have respected the This is bullish, and we would target an eventual test of the week moving average at This will see the business strive to improve returns by becoming more focused, streamlined and centralised.

The financial results for for the business as a whole showed some progress but it is clearly going to be a long-haul for the group. In the meantime growth from emerging markets and a return to dividend growth supports the stock.

By contrast other banking groups are more localised with the US banks generally sticking to North America for example. The group expects economies considered as emerging now to increase five-fold in size by The position in both developing and developed economies allows the group to sustain a crisis in either relatively well.

This is illustrated by the recent financial crisis in the West and also by the Asian financial crisis. CEO Stuart Gulliver is keen to retain this balance and also points out that it offers benefits to the group by allowing it to support trade and capital flows between the developed and emerging world. HSBC is also diversified by business divisions with weakness in investment banking global banking and markets offset by retail and commercial banking.

However, there was also the effect of wage inflation and higher staff numbers. Progress was seen on returns on average equity which came in at This centred around making the business more focused, setting financial targets, reducing costs and centralising control.

The figure did increase on due to an increase in assets. In 16 disposals or closures were announced with three more in No meaningful acquisitions were made in The medium term will focus on lowering costs and re-focusing the business. The longer-term will see the group take advantage of emerging market growth and a re-positioning in developed markets.

It will be supported by the return to earnings growth and in any event is covered twice over. This is the operating expenses divided by net operating income before loan impairment and other credit provisions. In our view, targets should be difficult to achieve in order to obtain results. The sudden collapse into Special Administration on Friday 16th March of the quoted mid-tier spreadbetting company Worldspreads was a shock to many - both industry participants and clients alike.

At its heart is the shocking fact that client funds, which are supposed to be completely segregated from company funds, were used by Worldspreads for purposes yet to be made clear. There are two types of client classification in the UK spreadbetting and CFD marketplace and these are either Retail or Professional designation.

Below is a description of these two statuses and what each infers for such a client. If a complaint is necessary against a firm and you are unable to resolve the issue s direct with the Compliance department, then the FOS is a particularly useful service that you can turn to and for this reason alone one should be very careful of relinquishing Retail Status. It can be seen, therefore, that the number of clients who would fit the quite extensive requirements to be classified as a Professional is very limited.

As you can imagine, a handful of high net worth clients would soon use up all the cash resources of the company involved. For this reason providers may then take the route of saying to the client - either agree to be professional, or we are unable to transact your business.

Spreadbet Magazine joins a growing chorus of other commentators who are calling on the FSA to tighten the procedures and reporting requirements by all investment firms not just Spreadbetting and CFD firms in relation to segregated client funds. As the Worldspreads scandal has shown, and also following the MF Global collapse, rules and regulations are all well and good, but if there is a determined desire by a particular firms staff to ignore these regulations there is, in practice, very little that can be done.

This is why draconian legal repercussions should be brought to bear on those parties that do breach these rules and regulations. We pride ourselves on our independence at this magazine, but one firm that currently treats all clients as Retail and so ensures the maximum level of protection is Capital Spreads. In conversation with the company this is a consequence of their very strict risk control systems that require cash on client accounts as opposed to credit to fund their actual trading, and also their policy of insisting on stop loss orders for all open positions.

Research in Motion Conviction Buy recommendation. What makes Spreadbet Magazine so confident of a rising share price in the much derided Blackberry maker? It is entirely debt free, trades on a prospective PE ratio of just 7 times for , a price to tangible book of just under 1, price to sales of 0.

The stock has been hated for almost 18 months now and there seems no shortage of analysts prepared to bet on its continued demise - perfect potential contrarian hunting territory for the value biased buyer. As more affluent users now have 2 personal phones, one for business and one for personal use, RIMM would be well advised to concentrate on the business aspect and this is an avenue that it seems management have taken on board, and indeed are now to focus upon.

The most obvious potential acquirer of RIMM and also the most appropriate commercial fit is of course Microsoft. From a technical perspective, I am getting particularly hot and bothered under the collar. On the daily chart we look to be probing out a classic triple bottom too. The beauty of options, certainly paid for premium as opposed to writing options , is that you know exactly what your downside is - you pay X p for an option and that is your fixed risk.

Sleeping easy is an important element of any spreadbettors life! This month we take that one stage further and see how spread strategies can be further evolved depending on your view on how a particular situation may play out. At the time of writing the FTSE is trading around With this data in the background, a trader might be minded that the FTSE is relatively oversold having fallen over points in recent weeks and that a rally to is likely in the next week.

Now, he may look at the historic monthly distribution of returns and think to himself, what is the chance in the next 6 weeks of the market rising above ? If he believes this is slim then he can sell the May FTSE call against his purchase for around Another reason a trader may wish to do this is if he is already long the market through a selection of stocks and he is happy to see the FTSE rise towards as it will take his stock portfolio up in price.

In essence he is purchasing a fixed price thus known risk long exposure on the FTSE for the remainder of the period until the April expiry with a short position on the May Call and therefore hedge against his long portfolio for the remainder of that month.

Please note - this excludes movement in so called volatility and the residual theta time value on the short call side. However, before we retire to the pub with our profits, we must not forget about the May Call - this will still have some time value and may, in this instance be valued around 30 at the end of April and with a FTSE level of around As stated earlier however, if he has a long portfolio of stocks correlated with the FTSE then he may be happy to see the FTSE rise all the while knowing that time decay is working in his favour.

The beauty of options is that there are so many ways you can play out your view. A trader is able to profit even if the underlying asset stays stagnant. A trader is able to offset losses if the underlying asset drops in value. Initial losses are limited to the net debit. Disadvantages Of a Bull Calendar Spread are 1. Profits are limited even if the underlying asset rallies. Losses can be sustained if the short call options are assigned when the underlying asset rallies. Ratio Bear Put Spread Let us now look at the simple concept of a ratio spread and, in this example, look at a so called Ratio Bear Put Spread and explain just why a trader may wish to construct this.

However, if the stock did fall to say p he would be happy to buy more of HSBC. A trader could therefore buy a May Put for say 6 and sell an August Put for twice the amount for say 5. The net effect is that he has paid out 6 yet received in 10 thus creating a net credit of 4.

Let us look at what scenarios could occur. His profit on this would thus 14 20 - 6 cost. This will go some way to offsetting his notional loss on his long stock bet. Of course, as in the example above, we must not forget the Puts that do not expire until August that he is still short.

As with the Bull Call Calendar spread, the option could be bought back either in whole or part or, alternately, run towards the expiry if the trader is prepared to buy HSBC around the p level the exercise price. A profit can be made even if the underlying stock rises if a net credit is received. A much higher profit can be made than a simple non ratio Bear Put Spread when the underlying stock closes at the strike price of the short put options at expiry.

Margin is required. The trader is more exposed to a rise in volatility through his short puts being sold in a greater quantity than the purchased ones. Spreadbet Magazine is to produce a special Guide to Option Spreadbetting during the next few months. If you would like to receive a FREE copy of this then please click here.

Silver started off with remarkable gains. After rising In March, the precious metal entered a downtrend channel and has been trading within a sideways range since the 14th March. Considering the downtrend movement of the US Dollar index in April, the bearish pressure in the silver market could be explained by the negative effect of a possible lack of industrial demand on the prices but it also leaves room for ample speculation that the silver market could be currently manipulated.

With the MACD signal line poised to cross above the zero line and the RSI hovering around the 50 level since mid-January on the weekly chart, the bulls could step back in and move prices upwards again. A long call is our option in the silver market but taking into consideration the denomination factor it is clear that the price of silver is not only subject to the laws of supply and demand, but it can also be heavily affected by the forex market. To eliminate the base currency factor, a long position in the US Dollar Index could be used as a hedge in this case.

By eliminating the potential forex effect, we are actually removing the base currency factor from the equation and trading silver in absolute numbers. In case the US dollar gains in value either due to the recovery of the US economy or due to the weakness of the Euro, a long position in the US Dollar index could offset the losses in the long position in silver.

Dafni Serdari Market Analyst. He, w an discovered by Ra e of Charles Do nam the by er trad inspired by a tbook abo st referred to tex mo e Th. Elli of ing and erst und. He noticed nes d by a period of dark nearly always followe was this behaviour he pessimism.

By studying r erns, which he was late determine certain patt es. After This is what happens see corrective pattern, we abc the of end the at line, with the previous up-trend mes resu ket mar the that ch t waves, three of whi a new series of five Ellio e of three and five and thre head north waves one, four. Waves This can clearly be seen waves two , upward, trend, while and five follow the main we see a ections.

After wave five, and four are merely corr es a and c heading wav with rn, patte e three-wave correctiv wave. Any ma pattern we see in Fig. This can which we will see a reve. The third the scenario in Fig. Robbie Burns, aka The Naked Trader offers some words of wisdom this month There are many advantages to spreadbetting, but one of the best ones must remain bagging a quick profit with hardly any costs involved.

When a share puts out some kind of warning, these days the knee-jerk reaction is to overdo it on the downside. Well, aswell as initial fear taking hold, of course all the stop loss orders get hit and tons of shares have to be unloaded onto the market because of that. But that knee-jerk reaction is something that can be taken advantage of. Using a rolling daily bet for a day pretty much costs nothing - over a few days still not much and in any event cheaper than paying typical commission and stamp duty if the shares were purchased instead of a spreadbet - oh, and no tax on profits!

So a quick rolling spreadbet was used; in at around for a tenner a point and lo and behold it soon rises back to a tenner! Half the spreadbet can then be sensibly cut and taken as profit, leaving the rest to run for a bit. Costs minimal, profits large! This is interesting because this is what the market thinks is about the right price before the panic sellers come in and stops are activated flooding the market with shares etc. Another example is Supergroup - opened up at after a profits warning.

Then it sank down to the area where it was easy to spot the turn and grab a rolling daily up bet. The hope here is it will shortly rise to the area at which point profit can be taken again with minimal costs given tight rolling spreads, and the small overnight cost of carry. I would be a bit more careful about using this strategy perhaps with an oil company.

One way, once the share is going back up, of protecting the bet is simply to gradually raise any stop as the price starts to rise, though making sure to keep a decent distance away from the current price to avoid getting spiked out. So a good lesson is - it is worth checking your stops and doing your homework on the dividend payments!

And I reckon that for this edition, this is a good place to

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Prices quoted can move very rapidly as they reflect actual market conditions. The way it works is that you place a bet on the price and which way you think it is going to go - you can profit equally easily from the price going up or down. If you believe a specific stock index like the FTSE , currency pair or commodity will rise or fall, you can bet so much a point and either keep the end date open or set a time limit, which is normally a day or three months forward to close the trade.

For every point the trade moves in your favour, you win multiples of your stake and for every point it moves against you lose multiples of your stake. We will go into this in more detail later. Your profit or loss is the difference between the price at which you enter and the price at which you close the trade. The more the market moves in your direction you have predicted, the greater your profit. Conversely, when the market moves against you, the more you lose.

The danger is that the loss may exceed your deposit margin. The fees are in the spread - so watch the spread. There is no CGT, stamp duty, explicit trading commissions. Trading on margin allows traders and investors to open larger positions, which makes it viable to target relatively small price movements. But bear in mind you may still need the money to back it up!!

And don't forget, importantly it's easy to place down bets which means that you can use spread trading to sell short so as to profit from any correctly predicted price declines. This is important: As you do not physically own the product, but trade solely on price movements, you can profit from falling markets as well as rising markets.

This is a handy guide to financial spread betting - how it works, have fun and hopefully make a few quid. Our guide covers an impressive amount of ground, starting out with tutorials and learning about spread betting right down to working out exposure and the psychology of making a trade. Learn the mechanics and advantages of spread betting, including short selling and trading on margin. Plus how to develop a trading plan and the fundamentals of risk management.

A handful of good baskets is better than 20 questionable markets. Know the Difference Between Winning and Profit It's easy to assume that just because you're predictions are more often right than wrong you're staying profitable.

But spread betting is more than winning; it's about how much you're making when you win, versus how much money you lose when you're wrong. If you're wrong 60 percent of the time, with an average loss of pounds, but your average profit when you're right is pounds, you're making money! The temptation is they only focus on being right as often as possible. And while that's admirable, don't forget to focus on minimizing your losses and maximizing your profits. In fact, if you're starting out, keep trading small, even to one pound per point until you get a firm grasp on spread betting.

Know the Risks There are always risks when it comes to investing and spread betting is no different. If the price of an asset goes against you, you're losing money. But the big risk is liquidation. Because you're required to cover the margin on your spread betting trades if the broker asks you to deposit 10 percent of the total amount you wish to trade, and the asset goes down by 10 percent, and you don't add more funds to cover the margin, your trade would be closed automatically.

When to Close It's possible to exit a position too early after a trade has begun to make a small profit. While the market will not keep going the way you want indefinitely, it could keep going in the right direction for a while longer. However, don't be greedy. It's always tempting to see how high you can fly, but like Icarus, flying too close to the sun will melt your waxwings and lead to your downfall.

Know Your Limits Always have a plan and know what you're willing to risk on every trade. Every person is different, some may have more appetite for risk, you may have less. Where you fall on the scale, make sure you only risk what you're willing to lose and you have enough in your account to reach your goals.

Learn From the Tortoise Slow and steady always wins the race. Every trader loses money, but the ones who do their homework, make a plan, and stick to it are more likely to come out ahead. In the end, like in any endeavor, if you want to win, you gotta have a plan. Like Benjamin Franklin once said, "If you fail to plan, you are planning to fail.

He previously interned at AlphaSense. Anas holds a bachelor degree in applied economics from the University Paris Sud. BBN Times connects decision makers to you. Experts in their fields, worth listening to, are the ones who write our articles. We believe these are the real commentators of the future. BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends.

Stay tuned, the revolution has begun. Open Menu. Expert Tips for a Successful Spread Betting. Leave your comments Post comment as a guest Name Required :. Submit Comment Agree to terms and condition. Ricky Steven. Excellent tips. Guy Deighton. Very informative. Share this article. Latest Articles View all.