Optimus : 1--7 don't ---19 Jul 2014 16:24
matter but ----8. Master your trading psychology
There is also a ‘secret’ eighth step to developing a spread betting strategy. I wasn’t going to include it in the list, because it’s something you will have to work on not once, but many times. Step 8 will be a constant battle but until you master it your spread-betting strategy will be worthless. I’m talking about trading psychology. Trading psychology is something that only you can work on. Believe me, it will affect you in ways you never thought possible.
Have you ever found yourself sitting on a loss, hoping it will eventually get back to break even so you can exit the trade? Have you ever seen a position move into a profit and taken it, only to see you could have made an even bigger profit had you left it alone? Do you feel the constant need to be trading or to have a trade in place? Have you ever found yourself adding to a loss to try and make a profit more quickly, only to find the loss keeps growing? If you answer yes to any of these questions, you need to work on your trading psychology. Your emotions of fear and greed are playing a part in your trading and no doubt it’s costing you money
------------Not my words , but step 8 ,i suggest, comes into effect for every trading strategy , not just Spread Betting ?? ---- Be aware of "over-complicating " your strategies would be my best advice ---essentially it's just another means of Buying and Selling shares, indicies and commodities , hopefully , profitably ----GL.