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Spread Betting Traders DiaryBetting on the foreign exchange18/7/2007 Day 13
I decided that today I was going to concentrate on one type of spread bet, foreign exchange. I chose to do this because I was not going to be able to pay too much attention to the bets. I began out the day with buying GBP/USD and EUR/USD. I ended up holding onto the stock for the entire day and I watched it go up and down and back up and down again. By the end of the day I had seen a gain of over £1000 and a loss of $250.
The weekend was coming up and I had to make a choice, do I sell both bets or do I hold. Both bets were rolling daily, meaning that the company charges me a fee to roll them over to the next day. The other worrying concept was that the company puts an automatic stop on the stock to prevent you from loosing too much money. I thought that the dollar would continue to go down on both GBP and EUR, so I decided it was worth holding onto the bets.
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