Researching your bets
Whether or not you’re planning on becoming a professional spread bettor, you should still take the time to research whatever financial market you’re looking to bet on.
Take the time to research and consider your bets in order to minimise risk
This doesn’t mean you necessarily need to devote a whole week looking into one market – just an hour or two to make sure you’re up-to-date on recent news and upcoming announcements.
Many spread betting providers even offer free market analysis, meaning you don’t have to go far.
Opening a bet
When your account is open, once you’ve done the groundwork opening your bet, using an online platform is a fairly straightforward process. You should be able to find your market and take a position within the space of a couple of minutes.
Monitoring and closing your bet
Monitoring your bet to make sure you close it at the right moment, however, can be a little more time-consuming. That’s why most providers offer safeguards – called stops and limits – that will automatically close your bet after a pre-set profit or loss. Otherwise you’d have to check the markets fairly regularly to watch out for any major movements.
Don’t rush it
Of course, spread betting comes with a number of risks, so you need to put in the time and the effort to consider every bet carefully.
If that’s not something you can commit to, it probably isn’t for you.
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