I should have known my statement about brokers in the last post would get me a ton of questions…..
Ok ok, I really did it on purpose. Apparently the secret to a good blog is to always leave your readers wanting more. People are attracted to mystery so the less a blogger says the more the readers want to know. Not sure if it still works now that I have told you about it! Oops I think I may have ruined this blog forever….. ahh well.
Anyway, so the question I have been asked 27 times this week and another question I have been asked a few times:
Q. Nick, who is your broker and why don’t I trade with GFT any more?
Well as most of you know I am currently staying in Scotland UK. One of the very few good things the British government has managed to do is make gambling profits tax free. So here in the UK there are both brokers and spread betters. Spread better are similar to brokers in that they let you trade the Forex market. However, they differ in that it’s not classed as trading it’s classed as gambling so it’s tax free.
I am sure everybody can appreciate how much it sucks giving away 40%+ of your income each year to the government! So as long as I am in the UK I will spread bet so I don’t have to pay tax.
So, rest assured, the reason I do not trade with GFT has nothing to do with GFT as a broker. As most of you know GFT is my favourite broker and it is my first recommendation to all traders! They have the best customer service of any broker I have ever been with (I have been with heaps of brokers). And, for pro traders GFT’s Dealbook charts are the best bar none! As soon as I get back to Aus I will reopen a GFT account.
So to answer everybody’s question my views on GFT are completely unchanged. I am only using another broker (or spread better) at the moment so I can trade tax free.
EDIT: I know GFT UK offers spread betting…. I can’t get into details as to who I spreadbet with! Let’s please leave it at that guys.
Q. Nick, why don’t you do the mid-week trade updates any more?
I am staying in Edinburgh and in August Edinburgh throws its annual festival. It is actually an amalgamation of a bunch of different festivals and people from around the world flock here to attend. I love comedians so I am not around much this week as I am off to see shows pretty much every day. As soon as the festival is over the blog will be much more active.
Next post will be a breakdown of the reversal trade we had earlier in the week.