|Sites like www.tradindex.com which specialize in financial spread betting are growing in popularity. Thanks to some evangelism from people like Vince Stanzione made £2m from Internet gambling on market price movements. Unlike magicians, Stanzione believes he has no secrets to tell, and can share his 'techniques' with anyone interested to know.|
In an exclusive article in the Guardian Newspaper, Stanzione tells how he reaped more than £100,000 by betting on copper trading, and two months ago, he made £250,000 based on gold price fluctuations. Stanzione is no metal or commodities trader or Wall Street whiz. He plays light without any assets - his success with copper came from a bet on the price of mining company Antofagasta.
Internet speculators capitalize on their interests in the stock market and internet gambling - which is one of several forms of speculation on the Internet.
Stanzione says he's not knowledgeable enough about firms, currencies, indices market news, hourly stock prices, but only checks price movements every night after the markets have closed. He calls himself a speculator, pure and simple, betting on an assets.
If Stanzione is right, his common sense has reaped him about £2 million in the five years he has been placing bets, in spite of an economy slump, dotcom crashes, inflation and shares slump, and yes he's lost plenty, too. In the last three months, he made more than £400,000 on four bets, but lost £57,000 on eight bets. The 'secret' he says is to stop the losing bets as soon as possible, but to let the winning ones run.
To prove his theory is applicable to anyone, he runs courses for people. Chelsey Baker, an actress and model with no stock market knowledge, says after four years she makes £1,000 a day. 'It took about five to six weeks to get to grips with it. It really doesn't take up much time - about half an hour a day, and maybe an hour on Fridays to do a more thorough updating of the markets,' says Baker.