RTE News said:Ms Lowry had put up €80,000 for an investment known as a CFD which made a profit of €80,000 over 18 months and was split evenly between them.
This intrigues me, 80k profit over an 18 month period? - None of you so-called experts have ever found the time to advise me on this basis!!!
Thanks for the replies folks.
I'm clearly innocent regarding all of this.
Typically are people up and down the Country investing large amounts of money in CFDs and walking away with 100% profit (minus CGT? [Is this often dodged?])
Who's advising them? Are they meeting with investment advisors typically?
To be entirely frank I suppose I was shocked that the people in question were turning 80k profit in 18 months - I know this may make me sound judgemental of them.... But I'll never be lonely in that
A spread bet is exactly that - a bet - and so is exempt from CGT. Of course that also means that the 81% who lose money can't claim the loss against gains elsewhere, so all in all it's probably good for the taxpayer that spread bets are not subject to CGT!what about CGT. Revenue might be asking the same question.
CFDs and spread bets are taxed differently.A spread bet is exactly that - a bet - and so is exempt from CGT. Of course that also means that the 81% who lose money can't claim the loss against gains elsewhere, so all in all it's probably good for the taxpayer that spread bets are not subject to CGT!
Brendan, you're absolutely right, but it can be great fun, if you know your limits. I've had a wild ride with Tesla, in which I've opened and closed short positions a number of times over the last year or so.It's a very exciting trade. But if you have any gambling tendency at all, stay well away from it.
Gordon, it's a catchy quote, but not quite accurate. As I wrote in an earlier post, IG Index states on its website that 81% of its clients lose money. The losing percentage for clients of CMC Markets is slightly lower at 80%. I reckon the ratio is much the same for others. Either way, the message is clear.90% of investors lose 90% of their money within 90 days according to the CFD/spreadbetting industry itself.
Another way of looking at it though is to ask what percentage of Paddy Power's customers lose money on the gg's?
And the difference with betting on horse racing is?
Could you expand, please? As mentioned a few times in my diary, I've used spread bets to short Tesla. Are you saying I should have used a different product?Many retail traders trade the wrong products
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