Betting on Cable

Image via WikipediaLast night I was doing a little Forex spread betting.
I had decided that there was a good chance that Cable (GBPUSD) was going up and placed a bet on it.
Of course you know what happened, it went down. Being a smart bettor I got out with a 26 pip loss.

Of course I was right so I bet again. This time I was so right that I decided to take 2 positions. You guessed it... It went down again. I was having a hard time admitting I was wrong so I let my loss go to 50 pips. By then I was down 100 pips - 2 positions 50 each.

But I was still right and had to prove it again. This time I thought it would make a big, fast run up so 1 position would get me back my losses. It went down and I dropped 24 more pips.

Stay with your plan!!  I was out on my first bet and should have gone to bed. You cannot "get even" with the market. If it says it is going down, it goes down. Betting against it will not change it.

I had a plan, implemented it and when it went against me I had an exit plan. I executed my plan correctly the 1st time. Then I went nuts!!!

Again - Stay with your plan.

Related articles

• Taking a bet on Anglo Jewry (thejc.com)
• Have You Found Your Spread Betting Strategy Yet? (prnewswire.com)
• Improve Your Spread Betting With These 5 Proverbs (prnewswire.com)
• Top 5 Myths About Spread Betting (prnewswire.com)

Mobile blog entery

Hello readers. I am testing mobile blogging. I have nothing to say.
Gold is at 1339.6 as I write this on my little wee keyboard. Please
bear with me if you spot any errors. 1339.85 now.
Test over

I Have Started a Website

WWW.RecreationalGoldPanning.com

A nice day's work

It is a small site for now but with the help of some readers I am hoping to grow it.
The url is www.recreationalgoldpanning.com it should be scoped by the somethings in a day or so.
There is nothing to see yet but I am working on it.
Meanwhile back at the blog...

Recreational Gold Panning

The title explains the site.

If you want to get out and enjoy some fresh air while making a few bucks, Recreational Gold Panning is for you.

This gentleman is having fun, join in!

Now grab a pan and get going.

I guess you are wondering where to go? That depends on where you live. As time passes I will be adding more and more of just the kind of information you need.

As they say in radio - "stay tuned to this Blog".

Thanks for looking and I look forward to having you visit again.