As there are a few of you viewing

Parish

Junior member
41 0
Hey guys,

My first post, I am going to start my spread betting "career" tomorrow and i wondered since there are a few of you here if anyone could spare me some time to discuss how i should start and some simple little things i should watch out for. etc.

I have been watching the market for a while and think i have avague idea of what i'm gonna do but could to with a kind of "prep talk" before hand.

Anyone interested I'm in the IRC chat room and will be online for a while

Cheers guys

#PJ#
 

Racer

Senior member
2,666 30
How should you start and you are going to start tomorrow?

Hmm, don't you think you should have an idea by now? (I am trying to be helpful not sarcastic)

You don't say what you are trading? Indices, UK /US shares, long short/ small caps/SETS, day/swing trading?
 

axthree

Active member
185 0
Parish,
I started out on the same instrument. It's fairly gentle but can still bite your bum if you get careless.
Go for a provider who allows small stakes (1p-£1absoulute max).
Don't put your stoploss too close or too far away. If you do the latter, even at £1 per point you could easily say goodbye to over £400 if you get it wrong and are not watching the screen. If you do the former you'll keep getting stopped out and suffer what has been called "the death of a thousand cuts".
Obey the maxim "only gamble with money you can afford to loose", because believe me you are going to loose some.
Peruse these boards diligently but remember many people here are using far more sophisticated instruments and what is right for them isn't always right for spread betting. (I learned that the hard way).
I will now shut up and let others give you further advice.
Paper trade with a virtual account first. Several firms offer them
 

Racer

Senior member
2,666 30
FTSE 100 as in index?

Well there are the banks the oils and the pharmas and they all pull the FTSE in different directions sometimes!

BP news out tomorrow, so that being big mkt cap will be big pull...... rest of the week lots of other FTSE news
 

Parish

Junior member
41 0
Have been "playing" on tradindex.com, where there is a virtual account but their minimum is £1/point so i have to start their. I'd like idealiy to be able to make about £30 in my first week but i doubt i'll manage it - whilst playing though i did manage to double my money one day and also made £10k in a week but i suppose that was luck

Thanks for your words though

#PJ#
 

Racer

Senior member
2,666 30
Real money and playing are two different things..

You need to know yourself and be able to calm the fear and the greed...

'Cold as ice' trading is the ultimate
 

axthree

Active member
185 0
Racer,
Excellent points.
I have myself made stupendous daily gains with paper trading, only to loose the lot the following day. Good job it was paper. :LOL:
 

Dave1971

Active member
135 0
Parish

Discipline is key to your success, and sticking to your staking size plan. If a trade looks like it is going bad, get out 'cos it probably is, you can always trade another day. Never be tempted to increase you stake to recover a losing run, or because you've had a good run and are feeling confident, you will get bitten! As you will hear from many others consistency is the what you are looking for, if you find it the profits will follow. (I am still looking)

Dave1971
 
 
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