If you are intending to make a future out of spread betting then do not take the quick-buck approach. Take the startup business approach.
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I talked to someone, who had recently got in touch with a comments to a story we published - he believes that the time could soon be right for him to make a full time career out of spread betting and quit his job.

What gets you into spread betting? What are your motivations? Do you want the independence? Here is Alex's* reasoning:

"What drives me is the freedom that spread betting offers - this is something that resonates with all those that are miserable in their jobs, trapped by the fear of passing their life this way. People who look up from their desk and dispare, thinking what can we do!"

"Spread betting I believe can offer a way out and give this freedom."

"It has taken me over a year to get to the position I am at today. I have lost a lot of the money I put in along the way, but every loss is a crucial learning point. You have to take it in."

Of course I wouldn't feel comfortable presenting these views without giving the reminder that - even though some people are looking to spread bet as a career - it is not for all. You have to be able to consitently win in spread betting before you can use it as your main income stream.

The risks are large, prohibitively large. With an estimated 20% of people winning in spread betting it goes without saying - it can be dangerous quitting the job when the odds are so heavily stacked against you.

But - if it was easy then everyone would be doing it. If everyone was doing it and winning then there would be no more spread betting houses. People would stop working and we would say good bye to the economy.

I believe that spread betting should be approached like any other form of start up business.

Having worked with a number of entrepreneurs I would suggest a good yard stick for starting a business is about 2 years - by then you will know whether it is feasible, and at that stage you should also be seeing some decent returns. And in those two years one should be prepared to slog it out.

If you are to make a career spread betting then surely it goes without saying you should be prepared to take at least a year, and ideally two years, to learn the ins and outs, develop a trading strategy, and of course learn, learn and learn.

The money you lose should be seen as the investment capital required for any startup business .

For exampled the knowledge that FT at PaddyPowerTrader has acquired was done after a professional career in trading. It would be ridiculous to treat spread betting as a door to a quick buck.

Life simply does not work like that.

As Alex says:

"The answer - as is the case with all endeavours is do your homework. Invest the time and invest in knowledge acquisition. There is consensus that you can earn a great living as a day trader - but you need to stick to your strategy. Don't treat spread betting as a dabble. It isn't."

Notes:

* Alex was not willing to reveal his surname