Spread Betting: Tips & Tactics
There are many different trading strategies available and documented on the internet. In the end you will probably develop your own strategy based on that of an existing one.
Summary
This page contains a summary of some extra tips which could be helpful to your own trading.
Always be disciplined in your trading behaviour. The most successfull traders are those that trade less!
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The biggest tip of all to remember is ALWAYS BE DISCIPLINED. See the section on trading discipline for more about this subject.
Always cut your losses quickly, remember no one gets every trade right.
When you start out spread betting, always use a trading plan. A trading plan is a set of criteria that you will follow for your trading. Always stick to your criteria (discipline again!!). Write a diary of your trades to refer too and learn from your mistakes.
Dealer Tip 1
When you start spread betting always start small. The market will always be there, you must be comfortable with what you are doing first. Take your trading seriously after all the point is too make money!!
Dealer Tip 2
Many novices will look at the chart, decide the current price is as low as it can possibly go and place a long trade. This is a common mistake, the chart can always go lower and you are only placing a bet against the trend at the time. Always have a reason for acting, dont just trade on impulse.
Dealer Tip 3
When faced with a losing trade some traders look to double up and buy more at a lower price in order to average down. Averaging down should be looked on as admission that the original trade was a mistake. It is a risky strategy which may work sometimes but you should only try this method of escape if you have a very good reason for doing so. Otherwise take the loss and make it back as quickly as possible on another trade...
Dealer Tip 4
One method of lowering your risk is diversification. This means spreading your capital across different instruments to reduce risk. If you open bets across a variety of sectors instead of just one this lessens your exposure to adverse market news or sector glumness.
Dealer Tip 5
Always stick to what you know best. Many traders that use spread betting started by trading traditional shares. Dont just jump right into oil because it seems the most lucrative. You need time to build up trading knowledge and expertise before you attempt more risky investments. Always research your chosen sectors/companies/instruments before making any investment this will greatly increase your chances of success in the long term.
Article Tags:
Info Page | Spread Betting |
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