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Spread Betting Traders DiaryMaking the right decisions16/7/2007 Day 11
When looking back at the two bets I closed at the end of the day I realized I made the right decision. At this point, we all know that the US Dollar is not doing very well, and it doesn’t look like it will recover anytime soon. Because of this, I went long on GBP/USD @ 2.0497. Within a matter of minutes I was making £105. I decided that I will probably make even more if I hold on to it. (This might be the greed that all new spread betters are warned about.)
Now that more than half the day is over, I am confident that it was the greed because I never earned more than £105. In fact, right now I am loosing almost the same amount. As I waited for a little time to go by, I found myself back in the position of gaining money. I was up £170 when I decided to close, but less than 5 seconds later it was at £185. I guess there is no way of telling what the market is going to do and when to get in or out. I think for the most part you can estimate which way the market will travel, but you have no clue as to how much travelling it will do in one day. I have a feeling you should stick to longer periods of time, at least longer than a day. |
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