Is it possible to make a living spread betting without having any other sources of income?

I regularly get emails from traders who want to replace their income from their day jobs by trading but have not yet found a trading system let alone build a trading business. This usually spells disaster.

Well, it is definitely possible to make good money spread betting but you need to have sufficient trading capital to start with! In practice if you are just starting out it would be more sensible to do a day job (or part-time) to pay the bills whilst trading at the same time.

Otherwise aim to emulate successful traders who have earnt the right to the freedom already…

–    If they have a good track record, then you know that if you follow their rules and guidelines correctly, you can emulate their success.
–    If you find you can’t follow their trades properly, it means you need to do some soul searching as to why such as lacking emotional discipline. It’s better to find this out early.
–    It also gives you a great way to familiarize yourself with the actual skill of trading, a skill most never bother to learn before committing to trading at the expense of their job.

“Remember that trading is not an easy money activity. Most traders lose and its not because brokers play games. They lose because they don’t know how to trade. All the broker has to do is keep them playing”

Finding a mentor that will match your needs perfectly is not easy however, and because of this I liken alert services to ‘stepping stones’, i.e. treat them like a stepping stone towards creating your own trading system and business.

Hopefully the hard work will pay off one day.