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.
Image via WikipediaI have been making some bets using a UK based sprea betting company in the Forex and Gold markets.
