Not much is happening today. No new trades and the few that I still have open aren’t up to much either. There’s a while to go before the end of the day and as we all know anything can happen, we’ll only know for sure how the day pans out when it’s over.
I have decided to add a new poll to the blog. I have been reading how many people actually make money spread betting and with figures from 75% to 90% lose money I am interested to know how accurate these figures are. Therefore the poll asks one simple question with the aim to get a better view on how accurate this figure is. The question is “Are you profitable via Spread Betting?”. I don’t mean have you ever made a profit from spread betting because if you’ve made a £10 profit with a £100 loss then you (like me) are not profitable. You can only answer yes to the question if you are profitable Long term. E.g. if your account balance is greater than the amount you started with.
I’m running the poll for a 3 months from now so you have plenty of time to answer the question and if you become profitable in that time feel free to change your answer. I think it will give an interesting insight to how many people actually make money spread betting.
Please tell your Spread Betting friends about the poll, I want to get as many people as I can to vote so it can be an accurate assessment as possible. And if you are profitable and you want to share your secrets with other people feel free to e-mail me or leave a comment.
Anyway that’s all from me today. I’ll post tomorrow with my weekly analysis and any new orders for the week. Although I am thinking of changing to working from daily charts for potential trades using Malcolm Pryors buying dips and selling rallies strategies from his Spread betting handbook.
Until next time
“May the markets be with you”
Spread Betting Beginner
I have been spread-betting since April last year and, although it took me about nine months to achieve it, I am now consistently making modest profits. I have a written trading plan which I stick to, and I have worked hard to developed a very "rule-based" approach to my trding which I believe gives me an edge. I only trade FTSE 350 shares on an "end of day basis." The two factors which I have found to be key to my success are, firstly, strict money management and secondly, only trading in line with my main market and my sector analysis. I learned how to apply this approach by attending Greg Secker's Traders University course. This compliments what I learned from Mark Douglas in his book "Trading in the Zone" which helped me to understand that we cannot predict with certainty what the market will do in the future, but that we can assess what it is doing now in order to decide what action (if any) we should take now in order to give ourselves the best chance of finding high probabilty, low risk trades. I think it takes much longer, and is much harder than most people think, to become consistently profitable but, with perseverance, patience, and hard work, it is possible.