| Biggest spread betting mistake to date |
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| Written by Virgin Spreader |
| Friday, 23 October 2009 12:29 |
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Going into a position without a plan has seen my account at record new lows. I know how spread betting companies make their money now - off people like me. My account is in a dire position this morning after some really poor bets on the FTSE 100 yesterday. The index closed the day off in the red, it was one of those days where the downside momentum was always greater and my bet that the index would break upwards did not materialise. Looking back it is clear that I was not using any judgement or spread betting strategy. It was a reckless move to jump straight into a 'buy' when I saw the market had entered some kind of consolidation. When that trade went bad I would close out, only to jump in at another inopportune moment and get burnt further. My first week in spreadbetting was not a success. Now that I have decided to read up on spreadbetting best practice in order to seek as much advice as possible I can tick off all the classic errors. I really do need a plan now, it is clear that going with ones gut is not going to cut it, especially now that the market appears to be consolidating. The mistakes have promted me to sit and watch the index today in order to try and learn the patterns the market takes. More reading is also in order. 
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