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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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The Virgin Spreader chronicles my journey into the world of spread betting.

This spreadbetting blog starts from day one of a novice spreadbetting career. I intend to hunt down as much advice on spread betting as possible, talk to as many professional spread betters as possible and develop a winning spread betting strategy. And I will write it all down here. If you have anything you would like to contribute PLEASE get in touch!

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Home The Virgin Spreader The Virgin Spreader Spread betting millionaires? Really?

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Spread betting millionaires? Really? PDF Print E-mail
Monday, 05 October 2009 10:09
Yesterday I questioned how spread betting firms make their money, offering the questions and observations of a fellow spread betting newcomer as a focus of discussion.

As a financial journalist I receive a lot of offers from those involved in the spread betting industry in some form or the other.

ADVFN is the main disseminator of these offers which range from new opening account deals through to training seminars.

The training seminars in particular raise a few questions, take a look at the text contained in an email sent out by ADVFN on behalf of Knowledge to Action:

"Have you ever considered a career as a private Foreign Exchange trader?

"Did you know private Foreign Exchange traders take home £100k to £2m per annum, with many traders starting with less than £10k in their trading accounts?

"Here are the 4 key reasons why you should do it too:

   1. You only need a laptop, internet connection, some relatively inexpensive software and professional training to get started
   2. You can trade from anywhere in the world at any time that suits you
   3. You can limit the risk on any trade to less than 1% of your account balance and leverage the upside for fantastic profit potential
   4. Under current tax laws in the UK, all profits are 100% exempt of tax

"Knowledge to Action is regarded as the UK's number #1 Trader Coaching Company (and National Business Awards Finalist) and is running some completely free workshops to show you how you can get started, regardless as to whether you choose to trade full time or part-time as a positive addition to your income."

My question is - if you had the ability to make £100k to £2m per annum spread betting and trading currencies then why in gods name are you spending time training others to experience similar success?

Surely you are giving away a golden trading secret that could threaten the spread betting industry if it got into the hands of too many people?

And why spend all that time and effort running these online marketing campaigns to entice people to your courses? Online marketing is hard work and can be frustrating (lets not even get into the effort required to administer a training course!)

Perhaps the people who run these courses are tired of making stacks of money and - through the good of their hearts - want to train others to become as rich as themselves.

Something doesn't ring true. Please feel free to comment if you can explain away some of this.
Last Updated ( Monday, 19 October 2009 19:23 )