Spread Betting Planning - Have a Plan!

16. Be The-Man-(or Woman)-With-The-Plan.

There are many strategies you can follow to become successful at trading but all plans need a well thought out and consistent plan. Few (if any) plans are perfect first time around. You’ll need to improve and update your plan along the way. 

I always say Trading - Planning = Gambling. Well I don’t round the streets of the City saying that to strangers but you get my drift. 

17. Changing your plans. You should only allow small changes to any trading plan. Large changes must have a very good reason 

18. Have a long term plan eg a 1 or 2 year plan and say what sort of profit level you’re looking for, eg 20% return after Y1. This will help you analyse how you’re getting on. If your target is realistic it can help you reduce your greed/risks on individual trades. 

Likewise, if your target is too low, or if you’re only looking for a low risk low return option then compare your targets with investing in safer investment options like spread betting on Bonds. They may be what you’re looking for. They will also reduce your risk, stress and time spent on investing. 

Good Luck 

DB