With Spread Betting for nearly 30 months now I feel I am only just getting to grips with it enough to be profitable. It’s been a hell of a rollercoaster ride so far and I suspect it will continue that way indefinitely. So what have I learned after all this time? Well if I had to pick the most important thing I’ve learned to date it would be “Keep calm and stay in control of your Spread Betting. Don’t let your Spread Betting control you!” It’s easier said than done believe me. There was a time when I would be logging into my spread betting account every 10 minutes to check on them, at one point it got to the stage where I was watching it tick by tick. This is a bad move. It’s almost as if I got a thrill by watching the price of the stocks move. There was on problem though they didn’t move enough. So I decided to try my hand at Indices & FOREX. Big mistake! These markets move so quickly in such a short space of time it was not long before my tight stops were getting hit and I was out of the trade.
Now I am much more in control of things. I look for trades almost everyday. Probably spending around 15-20mins or so each day checking for new trading opportunities. Then I check if the stops on my existing positions need altering, which takes around 5-10mins. Then I probably check on my spread bets 3-4 times throughout the day. I buy according to my strategy, and adjust stops likewise. All in all I probably spend about 30-40mins per day looking for trades, maintaining existing positions and keeping an eye on proceedings. This is what I hope to be doing in the future when Spread Betting is providing me with my main source of income. The whole point of me doing all of this is to “Enjoy Spread Betting as part of a Balanced Lifestyle”. I currently spend over 8 hours a day in front of a computer screen at work and there is no way that I want to do it for the rest of my life. This may be wishful thinking but I’m hoping I’m on the right track to make a success of spread betting.
Spread Betting Action
Well after yesterdays bumper day with Misys today was not quite so good. The stock dipped slightly losing almost 8 points on the day. Still I’m not worried. I think I would be more concerned if the stock kept rising with out any sort of correction or consolidation. As long as the stock doesn’t keep on falling I’ll be happy enough, and you never know it could present a good pyramiding opportunity. Time will tell. I also made a new trade in International consolidated Air. It came up as part of my screening process and meets the requirements of my modified super trend strategy. I’m long £1 per point at 242.74 with an initial stop set at 221. So monetary risk of £21.74. I’ll be trailing this stop at the super trend value and I guess we’ll wait and see how it pans out.
Spread Betting Beginner Appeal!
If like me you have struggled or are struggling with your spread betting I would like to hear your story. You can e-mail me either via the website form or direct e-mail to spreadbettingbeginner [at] yahoo.co.uk. I look forward to hearing from you.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner