Some words of Spread Betting wisdom
Spread Betting Trading Centre: Do you have any tips that would be helpful for others wishing to start spread betting?
Steve Brown: Never be afraid to cut a loss and try not to be overtly greedy. I try and let the adage ‘from small acorns grow.' I came into the markets because I was fed up with earning the usual £6.20 an hour here in the South West. Selling on Ebay was never my thing and redundancy every two years was tedious; so if I could make a tenner here and there, it would be so much the better. Time served observing how the markets work has and continues to be invaluable. My losses have gotten smaller and my profits have grown hugely. Have realistic faith in your own abilities and above all recognize the mistakes you make and rectify them. We tend to follow a pattern of making the same mistakes in life, if you can spot them and change them then the profits should follow. Above all else get out and enjoy yourself, it's all too easy to be a slave to the computer screen.
Spread Betting Trading Centre: What trading tools and software do you use?
Steve Brown: I use ADVFN's charting software in a nutshell and level 2.
Spread Betting Trading Centre: If you could start all over with the knowledge you have now, what would you do different and why?
Steve Brown: I would certainly stick to sectors that I understand and not take any quick punts.
Spread Betting Trading Centre: What do you think about the market's performance this year?
Steve Brown: The markets have been good to me this year so far. That I feel is a consequence of predominantly being with dual listed stocks where the price is led by the main exchange, not London!
Spread Betting Trading Centre: Do you use any other instruments in your trading in addition to spread betting, for example, CFDs, futures and options, straight equities, etc.?
Steve Brown: I have a few ISAs (Individual Savings Accounts), tax-free savings accounts. Some of the profits that I take from spread betting go into funding these ISAs. The less paper work and accountability to the tax man the better. I like a simple life.
Page 1 - How I started Spread Betting Page 2 - Don't forget the Spread Betting Stop Losses Page 3 - I've made a few Spread Bet mistakes Page 4 - Some words of Spread Betting wisdom
