Steve Firth wrote:
The Natural Philosopher wrote:

If you like, buting a race horse and winning a race with it, is the
normal stock market.

Placing a bet on the horse is a derivative.

No.

Buying a horse and winning a race with it is commerce.

Placing a bet on the horse is the normal stock market.


No it isn't. That's syndicating the horse.


Coming up with a seven race accumulator is derivative trading.

No, that's highly geared derivative