My National express spread bet closed out today for a £13 loss. With hindsight this was a poor trade that I should never have taken. From now on I need to stick to my guns and only trade the strategies that I’m comfortable with and I have confidence in. No more messing about. It’s time to get serious and try and make some money from this Spread Betting malarkey. After over two years of trying I would’ve thought I would be a lot further along than I am. Still onwards and upwards, or at least that’s the plan.
I decided to re-instate my Barclays order at 264 and leave it alone this time. My problem with this position is I have become too emotional about it. My Fear and Greed have been taking over and as soon as that starts to happen with a trade you know it’s going to go wrong in some shape or form. So what is fear and greed and how has it affected me here?
Well my greed emotion kicked in the other day when my order to buy out of my position was not filled. I thought the price could fall further when the markets opened and I didn’t want to miss out on more money (greedy). I was fortunate that when the price started to rise I managed to contain my fear and not sell out of the trade. As I write this the price is starting to fall (see chart below). With the down trend still in place on the intra day chart I am happy to let this position continue a little longer.
Click image to see larger version. Image © SpreadCo
My only hope is the recent bounce around 264 is not the bounce off support that I think may happen around the 260 mark. Only time will answer that question. For the time being I’m trying not to let me fear get the better of me and also trying not to be to greedy with a limit order set at 264.
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Until next time,
“May the markets be with you!”
The Spread Betting Beginner