After my recent losses, I knew I had to change my trading habits.
I was clearly trading way too much – 21 times in a single day?
And obviouly not making enough money.
For the rest of march, I made much more calculated and planned entries into the market and set myself the goal of making no more than one trade per day.
The idea was to try and make 5 points per day, or £5, by trading £1 a point. All I had to do was get 5 points right and in my recent trades, I had shown signs of being able to do that.
I started off well and remained extremely disciplined but as time wore on, my trades got more careless and I made more and more losses.
Here’s a snapshot of some of the trades I made towards the end of March.
Just in this screen that covers 8 days, I placed 20 trades and lost £24.44. There’s another 5 screens of similar trades.
Notice how my losses are nearly always larger than my gains.
By the end of March, I’d lost all of my initial £50.00 deposit plus an additional £20.00.
After taking such huge losses (when I traded, I didn’t see £1 a point, I imagined £10 a point on each trade) I decided to quit spread betting because obviously I wasn’t very good at it!
Update: 20th June 2012
Or did I…I did take a break from spread betting for a couple of months but used the time wisely to start learning about equities in general, and how to go about buying and selling them. I opened up a Stocks & Shares ISA as a result of my research, bought a few hundred pounds worth of shares and then returned to spread betting a couple of months later.
Find out what happened when I made my spread betting encore.