Reading a couple of posts I thought I might offer something about money.
For those of you with x,000's to 'invest' etc - you shouldn't be funding your account to this level. Risking 2/3/4% or whatever then you only need to keep a few hundred in the IG account in case of a losing run. It makes no sense to keep your full x,000 in there. Its far better to keep it in an interest paying account and transfer it over when and if you need it.
Why do I say this? a few reasons
Having lots of money raises the temptation of putting more money per pip on that you should if you are sticking to your plan (you have got a plan haven't you?) - "Oh Ive got 3000 so I can risk 10.00 per pip" - just this once.... oh $#*&^ I'm down 25 points
It also hides your losses from your subconcious.. "oh ok I've lost 600 but I've got 2400 left... 2200.. 1800... 1200.. " just watch as the money whittles away
Its far better to keep say 500, 1000 max in there and work with that.. If you lose that, take it as a point where you need to sit down and look at what your doing. You can choose to refund and carry on if you want to, or, you could decide that maybe you need to take a different approach.
Either way, you're only 500 gpb down and still have money left - Blow the full x,000 and what are you going to do? how long until you get enough for another attempt??
For those of you with x,000's to 'invest' etc - you shouldn't be funding your account to this level. Risking 2/3/4% or whatever then you only need to keep a few hundred in the IG account in case of a losing run. It makes no sense to keep your full x,000 in there. Its far better to keep it in an interest paying account and transfer it over when and if you need it.
Why do I say this? a few reasons
Having lots of money raises the temptation of putting more money per pip on that you should if you are sticking to your plan (you have got a plan haven't you?) - "Oh Ive got 3000 so I can risk 10.00 per pip" - just this once.... oh $#*&^ I'm down 25 points
It also hides your losses from your subconcious.. "oh ok I've lost 600 but I've got 2400 left... 2200.. 1800... 1200.. " just watch as the money whittles away
Its far better to keep say 500, 1000 max in there and work with that.. If you lose that, take it as a point where you need to sit down and look at what your doing. You can choose to refund and carry on if you want to, or, you could decide that maybe you need to take a different approach.
Either way, you're only 500 gpb down and still have money left - Blow the full x,000 and what are you going to do? how long until you get enough for another attempt??
