As promised, a few tips on Greed (and I’ll do my best to avoid any greed is good jokes).
Tip 75. Do not over trade your stake size. Remember to only trade with money you can afford to lose. That means trade with money which, if you lose it, will annoy you but not money that will ruin Christmas or make your ‘significant other’ up sticks and run off etc
76. Do not over trade by placing too many trades at the same time or having too many open positions. A large number of Open Bets are difficult to research. It is also difficult to keep track of a large number of bets and therefore that makes is difficult to make an informed decision on if / when to close your positions
77. If you have a day job then compare that income to your trading income. Do not spend a disproportionate amount of time on trading and let it distract you or even ruin your primary income source
78. Be wary of your willingness to accept any profit so that you can say ‘yes, another successful trade’. You had a plan at the start of the spread bet for when you would get out of your position, stick to it. Try not to let fear overcome you. Of course, if there is new market information then you need to consider your exit strategy. Again note any changes to your plan on your trading spreadsheet. If you find you are closing out long-term bets for 5% profits you are better off leaving your cash risk-free and stress-free in the bank
In the next set of spread betting tips we will be focusing on Day Trading.