Financial spread betting tipsters competition
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Only then should you go back to the drawing board and start again. Testing and refining your financial spread betting strategy can be a lengthy process — You might even feel like you are going around in circles at times, but a good trading plan will help you trade with a calm, levelheaded mind.
Keep your trading plan simple — Know the markets you intend to trade, how long you want to be in a position for and how much you are willing to risk. Expect losses — Even great traders incur losses and it is the first step to being able to control your emotions. You have to imagine that each new trade you open is going against you, hitting your stop loss and you losing that money. If an investor is lucky enough for this to happen, often they will close for a meagre profit.
That can cause more damage to your account balance than if you entered a stop that was too wide. This is really about mental temptation and discipline really. The answer to this is down to the fact that the losses incurred on the losing trades are much larger than the profits made on the winning trades and this is because on the whole traders will run their losses. If the trend slows or shows real sign of reversal then I will reconsider the trade.
Understand the volatility of the markets you trade — Again this is about knowing the market you are trading inside-out. You should adjust your position sizing accordingly. That is, you may take smaller positions in shares with greater volatility. It is good practice to move stop losses as the market moves in your favour as this serves to lock in profits — You can also use trailing stop losses to lock in gains. Do take at least some of the profits as the market moves in your favour — Close a part of your position and then move the stop loss level accordingly to lock in further profits.
Ensure you have adequate capital and avoid taking big risks. De-leverage — The more margin you use, the more your risk. Start out slow with as few contracts as possible. Build your account before you increase leverage. This will allow you to survive and trade profitably over the long term. Have a thorough understanding of the markets you are trading — Do your homework. The decision to place a trade should be based on the research you have done. You have to study the fundamentals of the market you are trading or the technicals via a chart.
Wait for the perfect setup. You may only get two or three a day, but wait for them. Almost every spread bet dealer offers practice accounts — take advantage of them to test your trading strategies and learn different platforms. Psychology is so important that even the best information can be distorted by a poor mindset — As you trade, try to stay objective and calm. Even if you have a losing trade, resist the urge to enter another trade immediately just to win your losses back.
It is okay to have a break from trading if you encounter repeated losses — This is a good time to re-evaluate the markets and your trading strategy. Trading is an inherently psychologically demanding, not to say disturbing activity. The only advice I can give in such situations is have a break and re-evaluate your strategy. A demo account will help you tweak your system without damaging your bank account.
Be careful of what you read and always suspect what you hear because there is lots of inaccurate and plain wrong information circulating around. Check the source of the input…What is the track record of your source? Is the source reliable and credible? Is the input being provided for the benefit of the source or the benefit of the company? My advice to you would be to not waste too much time on discussion boards, take everything with a pinch of salt. Just keep in mind that everyone is here to make money and there are always ulterior motives when it comes to that.
You just have to look at some of the ridiculously egocentric posters on some forums who basically use the boards to itemise how incredibly successful they are. Spread betting is used to speculate on price movements on underlying financial products — such as stock market indices.
Types of Financial Spread Bets Spread bets are either long or short — if you are long, you believe that the underlying index will rise, and if you are short, you believe that the underlying index will fall. The tighter the spread, the more you can maximize your profits, since the price movement to be profitable can be smaller.
Financial Spread Betting Styles If you spread bet, you fall into four categories: day trader, short term trader, medium term trader, or long term trader. Typical trades will last minutes to days, and the trades are based on mostly technical price analysis of stocks and indexes, as well as potential news events. If you are a medium term trader, you typically take a position that lasts less than a month.
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