I know when it's time to quit

I've lost £8000 this month and £30'000 in the year since I began spread betting with enthusiasm and high hopes.

My spread betting statement and bank account make sobering reading. I convince myself I just need more funds to hold a margin on my trades but It's hard to argue that I'm gambling and losing all the time when money hemorrhages from my account and non comes back.

It's time to stop.

Is it possible I could make money from this? Yes

Will I make money if I continue as I am? No, I will lose everything.

The real question is why am I losing consistently. Here's my take.

I work for myself, I create my own life and live to my blueprint. To do that means I have to take risks. It's a hell of a risk not to have a penny income guaranteed on a Monday morning but I can't live any other way. My attitude to risk though does not lend itself to successful trading.

MISTAKES

Trading too many instruments in one go.

Trading too large a stake pp for my account.

Trading too often.

Trading without stop losses.

Not trading consistently.

Insufficient funding.

WHAT I HAVE LEARNT

Be content to earn a little at a time, lots of crumbs make a delicious cake.

Trade only one instrument at a time.

Fund account with a minimum of £10'000

Play with a maximum £10/point.

Have a daily limit (profit and loss) and stick to it.

Scalping actually works best for me.

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THE FUTURE

I'm not saying I will never trade again but I'm defintely not touching this again this year.

The truth is I've been desperate for money and that has shown in my trading decisions. I've been trading to fight my way out of debt and that has only succeeded in increasing my debt substantially. Trading in desperation clouds your judgment.

I've had a good year personally workwise and could have reduced my debt instead of throwing it down a black hole. I shall now have to realise assets to raise money to pay off all my debts. When I'm debt free I may look at this differently, I may decide it's not worth the risk starting again.

In any event I have the discipline to stop now. I know when it's time to quit.

See you around and good luck to you, anyone who takes money from the markets regularly is a hero and deserves every penny.