Are you profitable? Have you voted yet? If not please do.
Well another week has been and gone, well almost. It’s been a fairly quiet week for me trading wise, which I am quite happy with at the moment. Having traded my capital dangerously low over the recent months it good for me to consolidate and try and re-build from the ground upwards.
It’s tricky at times being a Spread Betting Beginner. With learning as I go I think I will end up stumbling across my way to success rather than it being a cool calculated decision. Looking back at my past history I have done things the wrong way around. I started small, always used a stop loss, didn’t trade all the time and spent more time researching my potential trades. Doing this I was nearly a profitable spread bettor.
Over the last few months, however, I have done what a beginner would probably do. I traded far too much, didn’t put enough time into finding trades, but I did always use a stop loss which is probably the only reason I am still in the game.
Looking at the past few weeks I feel I may be starting to get back to winning ways. Even if my results do not yet prove it.
- I am trading less frequently, which I apologise to the people reading this as I guess it makes it slightly less interesting, but I have to do this as I believe this is the path to my success.
- I am putting more time into finding my trades and only trading what I believe are high probability trades based on my strategy.
- I am spending more time doing analysis of the overall (FTSE ALL SHARE) market.
I remember when I went to a free seminar for traders university back in October 2009. They asked me if I had any experience with trading and I told them about my spread betting etc. They asked if I’d had any sort of coaching to which I said I’d had none. They looked surprised as If I couldn’t get this far without any coaching etc.
Although I would never pay the silly amount of money that they wanted for the course I can see how having someone more experienced looking over your shoulder could be of a significant benefit. I often considered going on one of Malcolm Pryors spread betting seminars but the £350 price tag it just too expensive for me at the moment.
Has anyone been on one of Malcolms seminars? If you have I would love to hear from you and what you thought of it.
Anyway what I am trying to say is, I think I maybe on the right path to my success now. Not overtrading and waiting more for the right opportunity to present itself rather than rushing into trading because I feel I have to trade. I’m sure there will be rough patches along the way and a few more hurdles I need to overcome but I feel I will get past them and be able to label my self as profitable.
In the words of Winston Churchill “This is not the end. This is not the beginning of the end, but it is the end of the beginning”
We’ll wait and see if I ‘m right on this one or not. Probably not judging by my recent performance.
Until next time
“May the markets be with you”
Spread Betting Beginner
