Spread Betting for a living can certainly be a daunting prospect especially when you first start out. The initial learning phase involved in spread betting or any other form of trading is arguably the most important phase of all. It's the time when you will develop yourself and train to become the trader you ultimately want to be. This initial phase will be when you are most likely to give up and walk away never to return. If however, you can make it through this phase you should be well on your way to spread betting for a living. I have compiled my Top 5 tips to help you get through this first phase.
Tip 1. Learn to Master Yourself
In my view this is the most important step to becoming successful enough to spread bet for a living. You will need to get your emotions in check if you are going to make a success of trading. Do not get emotionally involved with the trades you make. Plan each end every trade you make and trade that plan. Do not deviate from it as this will mean you are emotionally involved with the trade. As soon as you become emotionally involved you are almost guaranteed to lose. Your emotions will see you holding out for more and more profits only to see them disappear or become a loss. It will see you holding onto a loss only to see that loss get bigger and bigger. If this sounds like you then you need to master yourself before you continue to trade.
Tip 2. Develop your Spread Betting Strategy
A spread betting strategy of some kind is a must if you want to keep your emotions in check. It should govern everything about your trade. It should indicated when to enter, where to place your stop loss, if and when to move your stop loss, when to exit the trade, what your position size should be. The list goes on and it's important that you recognise that in order to succeed you will need a strategy in place.
Tip 3. Start Small and Build
No one that is successful in trading has started out in a big way. They started small and have built from there. Some people advocate the use of demo accounts to test out your trading before you start for real. I personally don't like this idea. When you have fake money you will not trade with the discipline you would if the money was real. Therefore I think spread betting with small stakes is the best way to start. There are some companies out there that allow you to start trading with as little as A�0.10 per point for the first few weeks. I would suggest you make good use of this and use it to develop and test the trading strategy that you employ.
Tip 4. Read Plenty of Books
Your spread betting education is essential if you want to get on with spread betting. There are numerous courses you can go on some more expensive than others but I think one of the best ways is to teach yourself. There are some home study courses out there and there are also plenty of books. Do some searching read some reviews and then get learning. I think you might be surprised just how much learning it takes to make a success of spread betting.
Tip 5. Learn from Others Experiences
In my opinion plenty of experience is required to spread bet for a living. The thing is how can you get experience if you've never spread bet before? Well the answer is you can't but, what you can do is learn from the experiences of others. These days with an ever expanding wealth of information on the internet you will find all sorts of traders that share their experiences on blogs and forums. All you need to do is dig around and find the ones you like.
Tip 1. Learn to Master Yourself
In my view this is the most important step to becoming successful enough to spread bet for a living. You will need to get your emotions in check if you are going to make a success of trading. Do not get emotionally involved with the trades you make. Plan each end every trade you make and trade that plan. Do not deviate from it as this will mean you are emotionally involved with the trade. As soon as you become emotionally involved you are almost guaranteed to lose. Your emotions will see you holding out for more and more profits only to see them disappear or become a loss. It will see you holding onto a loss only to see that loss get bigger and bigger. If this sounds like you then you need to master yourself before you continue to trade.
Tip 2. Develop your Spread Betting Strategy
A spread betting strategy of some kind is a must if you want to keep your emotions in check. It should govern everything about your trade. It should indicated when to enter, where to place your stop loss, if and when to move your stop loss, when to exit the trade, what your position size should be. The list goes on and it's important that you recognise that in order to succeed you will need a strategy in place.
Tip 3. Start Small and Build
No one that is successful in trading has started out in a big way. They started small and have built from there. Some people advocate the use of demo accounts to test out your trading before you start for real. I personally don't like this idea. When you have fake money you will not trade with the discipline you would if the money was real. Therefore I think spread betting with small stakes is the best way to start. There are some companies out there that allow you to start trading with as little as A�0.10 per point for the first few weeks. I would suggest you make good use of this and use it to develop and test the trading strategy that you employ.
Tip 4. Read Plenty of Books
Your spread betting education is essential if you want to get on with spread betting. There are numerous courses you can go on some more expensive than others but I think one of the best ways is to teach yourself. There are some home study courses out there and there are also plenty of books. Do some searching read some reviews and then get learning. I think you might be surprised just how much learning it takes to make a success of spread betting.
Tip 5. Learn from Others Experiences
In my opinion plenty of experience is required to spread bet for a living. The thing is how can you get experience if you've never spread bet before? Well the answer is you can't but, what you can do is learn from the experiences of others. These days with an ever expanding wealth of information on the internet you will find all sorts of traders that share their experiences on blogs and forums. All you need to do is dig around and find the ones you like.
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