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 Post subject: Tips for a newbie
 Post Posted: Fri Nov 12, 2010 1:26 pm 
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Joined: Wed Nov 03, 2010 9:10 pm
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I received a comment on my blog asking if I had any tips for a newbie.

While I'm not giving advice here or any kind of recommendation I can express what I would do differently if I was starting again.

I would start small, manage risk, develop my edge, read, read and read some more.

Start small & manage risk
I would open an account that allows fractional bets such as Gekko. I would then start small by trading to a maximum of 1% of trading funds but because of the fractional bets I may be able to reduce this to 0.5% or even 0.25% to begin with. I perfer trading live over a demo account as I feel that you learn more form live trading where as demo trading can become a bit more of a game and you treat it like wise. Trading is not a game and should be taken seriously if you are to succeed, somthing which I am still trying to do.

Developing an edge
Unfortunately this is a path that you will ultimately have to walk alone. There is no one size fits all when it comes to developing a spread betting strategy to give you your edge. You can read about what others do and even try to copy them but ultimately you must settle on what works for you.

Read, read and read some more
There are many books about spread betting and trading out there, some better than others. I would highly recommend starting with Malcolm's books and going from there. Check out my recommended reading list for the books that I recommend. If you have a little more to spend on your trading education then Malcolm also has DVDs and runs trading seminars.

May the markets be with you!

The Spread betting beginner

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