Spread betting forex success stories

Follow these 10 secrets to Spread Betting and you won't go too far wrong. Ultimately they're based on nothing but common sense. You'd be surprised how much needless money is lost by people new to spread betting because they don't properly understand what they're doing. Do that and you'll be ahead of most new traders who are busy diving in at the deep end without first checking the depth of the water.

So learn to vary your bet size in relation to what the market is doing and how you read it. Successful trading like any business is as much about controlling costs as profit and loss. Trading costs be split up as follows -. Commissions are the lesser problem Spread bets don't charge these , it's the bid-offer spread that normally does the real, but hidden damage.

So keep a close eye on your total costs and realise the more trading you do, especially day trading, the harder it's going to be to turn an overall profit. But it's possible that A loses money overall while B makes a fortune even though he's wrong most of the time.

Spread Betting and indeed all speculation is simply about profit and loss and never about how often you're right or wrong.

Don't forget this as it's critical and a point that's easily missed by those new to the game. So always use a stop loss when you enter a trade otherwise at some stage in your trading career it's odds that 1 or 2 disastrous trades will devastate your account.

In the classic trading book, Reminiscences of a Stock Operator , the author, big time speculator Jesse Livermore, stated that most of his money was made sitting on his hands and doing nothing. What he was implying was the importance of patience and not thinking that every move had to be traded.

Instead it's better to watch the market, get some sort of strategy in place and look for the trades where the risk is small and the potential profit large. And if that means doing nothing for a few days or even a week or two then that's often a sign of a good trader. Want to learn how to properly trade? Then see this page. Ultimately fear and greed moves markets so trading and speculating is as much a mental game as it is about when to buy and sell. One way is to cut down your position size so any one profit or loss doesn't matter so much and therefore can't affect your judgement.

The spread bet brokers offer an incredible range of markets and it's therefore tempting to try to get involved in many of them.

Today for example you trade the FTSE, tomorrow it's Swiss Stocks, then Commodities followed by some currency pairs etc. Stop, and realise that many of the really good traders tend to specialise in just a handful of markets, if not just a single one. These specialist traders often remark that each market has a personality and you've got to know and understand that to be profitable. And the only way to learn a market's personality is to concentrate on it rather than flip-flopping between 10 or 20 different ones.

There are a lot of shady characters operating on the sidelines of spread betting all trying to sell ' profitable ' trading systems and strategies, often for a hefty price. Plus no doubt be heavily pressured into buying secondary offers afterwards My advice if you're thinking about buying a system or attending a seminar is to first do some research into what you might be buying - the internet makes this really easy. Do some quick internet research and it's odd-on you'll find plenty of unhappy and disappointed past customers complaining the course work or system didn't match up to the hype and clever marketing.

Also, if you study the marketing closely of the majority of the expensive trading seminars you'll normally find they're trying to sell a dream -. Ultimately if you want to get profitable and remain profitable with spread betting there's no substitute to hard work and experience, and both of those take time.

Don't forget this and think hard before paying money to someone who is trying to convince you there are simple shortcuts to easy money. My advice is simple and free - start by downloading our free guide ' How to learn spread betting and prosper '. Having a good broker won't guarantee you profits but a bad broker will probably lead to losses as a combination of their gamesmanship and suspect software takes its financial toll. Simple, the 2 brokers I personally use for my own spread betting and I've used them for years -.

The main problem is they initially bet far too much per trade. This point is discussed in detailed in our free spread bet training guide - more details. For example - If the risk is high large stop loss , bet with a low amount If the risk is low smaller stop loss and the profit potential high, that's the time to aggressively increase your bet size.

Commissions , and The bid-offer spread. Most people will say A. It's all about how much is made on winning trades versus how much lost on losing ones. A famous market quote relating to leverage products - 'More money has been lost by people not using stop losses than all the other reasons put together'. I'm going to be brutally honest with you here.

Successful trading, ie generating good profits over time, is hard. So if you want to make money, and keep that money, don't take the game of speculation lightly.

So how do we defeat, or at least control, the mental aspect?

Will spreadbetting companies cancel your account if you are too successful?

Read more in the Spread Betting section: How to Learn Spread betting and Prosper. How To Learn To Trade Correctly. Spread Betting - Home page. How to Learn Spread Betting and Prosper. How to learn to trade correctly. Who to open an account with.

Spread Bet Broker Review. All recommendations and comments are provided for general interest only and should not be construed as advice. Professional advice should always be sought before buying or investing in any financial product.

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The price of securities and any income from them can go down as well as up. Past performance of a security or market is not necessarily indicative of future trends.

Any opinions and recommendations on LearnMoney. Trade small positions when starting out. Learn to vary your trading size intelligently. Costs - They're far more important than you. Trading costs be split up as follows - Commissions , and The bid-offer spread.

Profit and loss is totally different to winning and. Use Stop Losses - One day they'll save your. Be patient - Learn to pick your trading spots.

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Don't kid yourself, spread betting is a hard nut. Don't discount the importance of psychology.

The insultingly simple secret of successful traders - MoneyWeek

Try to specialise in just a few markets. Beware of 'marketers' selling expensive. Finally, make sure you get a good broker.

There are good spread bet brokers and there are bad ones. So who do I recommend? Simple, the 2 brokers I personally use for my own spread betting and I've used them for years - Read my side-by-side review of the 2 best spread bet brokers. Download the FREE report.

Spread Bet Broker review. Hidden value of stop Losses.