Spread,Betting,Mistakes,When,s finance, share, loan My Spread Betting Mistakes
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
When I started financial spread betting I thought I would scale down my operations for trying it out, but I'd gotten an eye for certain numbers in my regular stock broking accounts and could not relate to what I saw. So the only solution was to spreadbet on an equal scale....I was also in the mindset of risking just 2% of the overall pot per trade but to do so, I still need more cash into my IG Index account. I really opened it with a small amount (the only cash available at the present time), I guess tiny/ridiculous amounts for many account holders, so even if I use a 1% rule, my current spread betting account would only cover me for a single transaction :) That's also part of the problem, I tried to have 3 open positions at the same time on a too small account. Perhaps I was just starting too much at the screen looking at my money going up and down. I am fine when I see it going up but never like to see it going down...hehe So my first spread bet was a small FTSE one, which went into a nice profit (10% of the account size) so I closed it... It should still be open as we speak as the target is not reached and I would be a LOT up... From this moment onwards, it went badly ;) I tried to catch up the FTSE but I did the typo and opened a 14.7GBP per point on the FTSE (instead of 1.47GBP). As soon as it was validated, my stop loss got triggered as the FTSE dropped over 25pts in a matter of seconds but that did write off all my gains and a large chunk of my spread betting account... The stop-loss was way too close for trading the FTSE, it was bound to happen. Anyway, just a few minutes later, I would have been in profit but it was close and I was still there with a large chunk of my spread betting account gone... I also had open a FPM spread bet that saved my day and recovered my loss as it was a share that I know quite well (into my non-ISA account). Then re-opened another FTSE one, which was not too large, not too small... Gave me one day of profit. Next day, while shopping I checked my IG account with their mobile trader interface. They have the sell button on a key, which is used as back on many of my applications so as a reflex hit the sell key, closed a FPM position in profit and realized as it was happening but could not stop it. I was so angry at myself that I reopened straight away the position but I lost few points in the deal. When I re-opened the FPM position I had to put a way higher stop loss that set up initially as the deposit on my account was not large enough anymore. Next the inevitable happened - market maker tree shake oh my! My stop loss did not trigger when it should have but I manually close half of the position to stop the exposure (bad move again) as by Friday close, I would have been in profit again. I still have one opened on BOK, which was carefully planned both in terms of limit/target and $$ per points, so I am not planning to touch it, will see what happen in the coming days!Anyway, it is all down to emotions and stupid mistakes by ME :) I remember reading that one should not trade when not in a good mood (thinking too much about personal stuff, etc.) and I can confirm that it is the case for me! ;)So I will, for the coming weeks, have only one spread bet position at a time in my spread betting account until I grow the pot. It is the same for sweet, girlfriend, and anything else of desire... once you have one, you always want a change or want a better one, so I got excited by two winning spread bets in a row and tried to have more than I could chew at the same time and it's where I messed up. So I need to quadruple my spread betting account size and then, I won't be bothered by an IG email asking for more money... Curiously, I also discovered that I needed to update my mindset regarding my 2% amount! I still have in mind the amount I set up when I started to deal shares in Nov/Dec 08 and right now, this 2% amount went up by 416%... I lost a stupid amount being invested in funds during the crisis (25%) and selling too late but I have been very successful (at my small level and could have been way more successful without closing some spread betting positions too early...). When I think about it, it would have taken decades to my grandparents to get the same returns in their saving accounts...
Spread,Betting,Mistakes,When,s