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Michael37

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  1. I don't know what expectations you had when you started David, mine were to make a lot of money and retire. That didn't happen. After a while I stopped trading, took a step back and looked at what was happening. I had none of the stuff mentioned above which are needed for success. What I did have were lots of trading websites, discussion forums, tips websites, news feeds and so on. A confusion of noise with no structure and no plan. If you decided to open a business you would have a business plan. You would probably open a business that you knew something about and had lots of experience in, or could hire people to fill the gaps. You would know how much things cost, how much you could charge, and what the likely market would be. You would do a lot more than that and still might fail for any number of reasons. Spread betting, or any other form of trading is a business. You need to know what you are doing, you need to do it consistently and you need to keep monitoring your performance. To make money you need an 'edge' - which is simply a strategy which over the long term gives you more in wins than losses. It doesn't really matter what that edge is, just that you have it and trade it consistently. You do not need, and should avoid, trading on anyone elses advice. As I write I have a long position on Gold. I could explain why and someone might read this tomorrow, think it sounds reasonable and decide to buy too. I mogt have sold by then and gone short. My advice would be worthless. If you want to make money here's how. Open a demo account, with a similar amount of funding to what you would have in a real account. Review what you already know about trading strategies and pick one that you think you understand. Research this and make sure that you know all of the details. Does it apply to all markets? Does it suit short term or long term trading? Why do you think that it would give you an edge? Write the whole plan down - preferably with a checklist of all conditions that need to be in place before you take a trade. Start trading it with the demo account. Keep doing that for months if you need to until you always stick to your plan. Review the results. Did you stick to the plan? Did you make enough demo profit for it to be worth your while? Keep going with this until you are sure, then start with a small trading account and see if you can still stick to the plan, and make money. As you succeed you can start increasing trade size or adding other strategies but slowly. Remember that the reason for doing this is to make money. If you can increase the value of your trading account by 5% in a year you are doing better than most savings accounts. 3% in a month doubles it in 2 years. Big wins are for adrenalin junkies. Steady consistent wins are for millionaires. Final thought: Spread betting is the hardest 'easy money' you will ever make. Michael
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