What Shall i do??

[sepand22488]

About a week ago i opened a spread betting account.
I transferred £100 at a time and just left it thinking the money would increase and it some times would. But more often than not i would loose my money. Any way i did this till i have ended up loosing £700. I feel really hurt, in a way i want to give up. But i feel if i give up i am letting the spread betting company win. I have ordered a couple of books on the subject. I do have a bit more money i can put into it but im scared. Even if i gain £35 a day for most days for a month or two i am happy as long as i get my £700 back and maybe then start making some money.
What do you think i should do give up? or was it just i approached it the wrong way and i need to change my strategy.
any help would be appreciated.
thanks

 

[trader_dante]

About a week ago i opened a spread betting account.
I transferred £100 at a time and just left it thinking the money would increase and it some times would. But more often than not i would loose my money. Any way i did this till i have ended up loosing £700. I feel really hurt, in a way i want to give up. But i feel if i give up i am letting the spread betting company win. I have ordered a couple of books on the subject. I do have a bit more money i can put into it but im scared. Even if i gain £35 a day for most days for a month or two i am happy as long as i get my £700 back and maybe then start making some money.
What do you think i should do give up? or was it just i approached it the wrong way and i need to change my strategy.
any help would be appreciated.
thanks

Best advice I can give would be to search as many Spread Bet companies as you can that give free offers of cash or next best thing which is free trades with losss refunded. There are plenty and you should be easily able to get £700. You will have to outlay to get the cash e.g. deposit some funds and make some trades but it's almost always free money. In the large majority of cases, after three months the money becomes yours. So, open the accounts, sit back and after 3 months, withdraw your £700 so you are breakeven and then close the accounts, give up the game and don't ever think about it again.

 

[sepand22488]

Why do you say give up the game? Is there honestly no money to be made in this game at all?
Why are people doing it then?

 

[pboyles]

Why do you say give up the game? Is there honestly no money to be made in this game at all?
Why are people doing it then?

The chance of being successful is very low, especially spreadbetting, there are people who have been learning to trade for years and still cant do it. If you have any sense you wont waste any more money, get a demo account and dont trade real money until you can make money on your demo, I dont mean one or two days, more like one or two months. Try to learn with real money and you'll lose it for sure.

 

[sepand22488]

i really cant fined 7 sites that offer the £100. Apart from the one i am with and one more.
Do you think i can fined six more? Most of them pay your losses back.

 

[sepand22488]

But i dont understand. If its so hard to make money why are so many people doing it?
Why are there forums set up for it?

 

[oiltanker]

you should be scared.

trading is a skill. if you went into the ring with muhammed ali in his boxing days with no boxing skill what would be the result?

soldiers going into combat get at least 6 months intensive training in battle skills? any untrained civvy with a rifle would be easy meat for them. they used to send the novice recruits in the first wave on the beaches because they needed people to charge into the unknown. the experienced soldiers knew what would be waiting for them.

a doctor trains for 7 years so why would anyone think they can just step into trading?

no plan no tested strategy no money management = easy money for the sbs? they love the churn and burn of star eyed punters already thinking how big the new house is going to be.

we all make the fear and greed mistakes so best to do it on the demo. anyway lots of free info and vids on ytube about.

 

[Black Swan]

Why do you say give up the game? Is there honestly no money to be made in this game at all?
Why are people doing it then?

Of course there's v. good money to be made, and you can make very good money spread-betting forex, however, it takes a year to become proficient and that's a year of full time immersion and total dedication after which you may have developed an edge...Have you got that time, can you sacrifice that amount of investment knowing you'll have to cover a wage for yourself whilst learning a new skill?
Given you can't even find the ETX capital offer to cover your first £250 loss and it's an ad blazoned all over this site it doesn't bode well does it? You could have saved yourself £250 quid straight off..anyhow, your deal, your life..

 

[shadowninja]

Now you should be looking at demo trading with play money until you have a way of making money before risking any more.

 

[LittleKnown]

Maybe look into your money management and risk reward, go to babypips, and read a lot of reputable books, trawl this site and there is lots of info about all the things you need to know, smaller stakes too by the sounds of it, or no stakes and save what you're wasting until you are ready..

 

[trader_dante]

Why do you say give up the game? Is there honestly no money to be made in this game at all?
Why are people doing it then?

Oh there is a money to be made. A lot of it. But you have to be willing to pay the price to make it. And most people aren't.

As Black Swan says, if you really can't find a way to get £700 from spread bet company promotions then it doesn't bode well for you.

You should be able to get double that by tomorrow afternoon.

Here's a hint: Try Google.

 

[sepand22488]

do you know what trader_dante im going to to see if your right, im going to get free money lol.
even i have to waite 3 months to get my money i will.
ill let you know how it went.

 

[sepand22488]

Having said that i am finding it really hard to fined any. But im not one to give up and im not one to give up on the spread betting game. I want to learn i really do. I just want to be sure that im not fighting a loosing battle and that the reason i lost the money i did was because of bad technique rather than it will always end like this.

 

[trader_dante]

Having said that i am finding it really hard to fined any. But im not one to give up and im not one to give up on the spread betting game. I want to learn i really do. I just want to be sure that im not fighting a loosing battle and that the reason i lost the money i did was because of bad technique rather than it will always end like this.

Just remember that sites that refund your losses are still giving you free money. If the condition is that you put in, say, £250 and they will refund all losses you make, then you have nothing to lose and everything to gain. OK, it's not cash in hand but it's the chance to make cash in hand with absolutely zero risk.

Having said that, there are plenty of sites that will actually give you cash in hand.

Also, as a first step, check out CMC. They are running a five day free trading offer. (http://www.cmcmarkets.co.uk/pages/risk-free-trading) There is a loophole (of sorts) that can be exploited there. Sign up and see.

 

[rathcoole_exile]

But im not one to give up and im not one to give up on the spread betting game.

.

 

[squall321]

But i dont understand. If its so hard to make money why are so many people doing it?
Why are there forums set up for it?

why does anyone do anything.

it's going to take a loooong time, i got to a point where i stopped totally sucking and started making money here and there, i thought i'd got the hang of it, well that turned out only to be the halfway point. you might not make any money EVER, but so what? you'd probably end up wasting your life and money doing other useless things anyway, like watching eastenders or football on the tv. at least there's a chance you might benefit at the end of this.

don't take other people's opinions too seriously either, the trading community, especially the retail trader community, is a screwed up place and everyone seems to have something to say. if you're not careful you could get sucked into it, you might read or hear something, take it on board and then start believing its true. just mind your own business (literally) and do your own thing, and if somebody takes an issue with it, **** em.

 

[Sang Froid]

Why do people play golf? It costs a fortune to buy all the clubs, balls, silly trousers etc...
They play because they enjoy the challenge, they enjoy trying to improve themselves and better themselves at a game.

Why do I trade? I've lost a couple of thousand over the years and never really made any money. I enjoy the challenge, I enjoy trying to better myself. I enjoy the mental stimulation, I enjoy trying to master something that I may never will and only a few people ever do. I enjoy trying to be a success in something that other people perceive as very diffucult.... I could go on but you get my point.

Yes the ultimate aim for me is to make money, but that's not the only reason, I've got a law degree, I could probably make more money following that path than I ever will trading, but I like the life that trading could offer me if I get it right.

I'm basically saying to you, if you are serious about trading and making money don't give up now, you've not even started!!! But..... you need to be serious about trading not this half arsed attempt that you've given it so far. You need to spend hour upon hour upon hour of studying, looking at charts, reading books. I spent three years at uni, I've spent 3.5 years and nearly £3000 learning to trade and still only just starting to learn now. You've spent a few months and can't even be bothered to find new spread bet companies offering introductory bonuses. Sorry to be harsh but this is a harsh world. If you don't know what you're doing the markets and people will take all your money.

Stay safe, and start taking trading seriously if you want to make money.

 

[Sang Froid]

why does anyone do anything.

it's going to take a loooong time, i got to a point where i stopped totally sucking and started making money here and there, i thought i'd got the hang of it, well that turned out only to be the halfway point.........

I'm only at the halfway point!!?? And here was me thinking I was gonna be a millionaire this time next year Rodders

 

[pssonice]

great intro. I love to read it. great style

.

 

[pssonice]

There is one item to neglect. "You need " ... NOT (!)

"to spend hour upon hour upon hour of studying, looking at charts, reading books."

Books are a mess for learning how to trade