A mentor and Teacher needed please

[rocky713]

I am a new trader who signed up with IG. So far so good. However, I would be grateful if anyone can teach me my way around trading here, I would be thankful. really want to learn the spread betting. I am looking for a Mentor. 

 

thank you.

Ramandeep

[RJo]

On 30/10/2022 at 17:35, rocky713 said:

I am a new trader who signed up with IG. So far so good. However, I would be grateful if anyone can teach me my way around trading here, I would be thankful. really want to learn the spread betting. I am looking for a Mentor. 

 

thank you.

Ramandeep

Hi Ramandeep. I've been live trading forex with IG in the US for over a year, but spread betting is banned in the US. Spread betting was invented by a gambling bookie in the US in the 1940's (https://www.investopedia.com/articles/active-trading/082113/what-spread-betting.asp#toc-origins-of-spread-betting). Having said that, I once employed a profitable probability matrix to blackjack... until the casino changed the payouts which thwarted it. I would never sit down and "bet" without math on my side.

I am a statistical, technical, algorithmic, and mid-term swing trader, so I do not trade anything without previously collecting and analyzing statistics on historic price movements including their times of occurrence. As profitable spread betting appears to be heavily reliant on variable bid/ask spreads and variable tick sizes, I would recommend collecting historic tick and spread data.

There are free tick and spread collecting utilities online for the MT4 platform. Other platforms may directly support tick charts--avoiding the need to collect tick data by way of a custom utility. I imagine that you would then be able to look at the data to see during which session times the largest ticks and the smallest bid/ask spreads occurred.

Although I can't mentor you on spread betting, I hope this helps gives you some positive ideas.

[RJo]

Also... you need a way of determining an immediate directional bias of the price, e.g., a moving average, oscillator, or even better... the orders listed in a depth of market window if you have access to it.