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The Naked Trader's Guide to Spread Betting: How to make money from shares in up or down markets by Robbie Burns

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8. The Top 11 Mistakes Made By New Spread Bettors

I’ve already covered some of the following at greater length in the book but I thought a summary, along with a few extra points, would be useful. I was going to make it a top 10 but it came out at 11. Have the extra one on me!

1. Allowing positions to run away into huge losses

If you don’t set a stop loss, you’re asking for trouble. The temptation is to hang on to the losers and allow them to carry on, losing even more money in the hope that they will come back. It’s nearly always much better to quickly cut a position that’s losing a small amount. You can always get back into it, even a bit lower down. The absolute worst thing you can do is let the big losses build up.

Always take smaller ...

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