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✅ Teacher Who Lost 280k Spread Betting Story!? http://www.financial-spread-betting.com/Lose-money.html
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What I don’t like about the teacher who lost 280k spread betting story?
The teacher who lose 280k spread betting when he only earns 18k.
How could a teacher on £18,000pa lose £280,000 spread betting?
This was when the Swiss National Bank scrapped the Swiss franc peg currency rate against the Euro and caused that massive slide to the downside. At the time the Swiss National Bank scrapped its €1.20 ceiling against the euro, introduced in September 2011 to stop the “Swissie” continuing to increase in value. Two days after the Swiss National Bank referred to the ceiling as an important part of its monetary policy, it abolished it!
It is not pleasant for anyone to lose money. But this guy was trading GBP100 per point on a currency pair. As such it was him over-gearing and not accepting the risk. A small 20 pip move would have been more than his yearly salary! This guy basically bet that the euro would keep gaining against the Siss france and would have made £100 for every one-hundreth of a cent – one “pip” or basis point in the parlance – move in his favour. But instead the Swissie rose sharply and the euro had retreated to €0.925 against the franc which left him with 2,770 pips of losses each costing £100 – and a bill of nearly £280,000.
This is a lesson into trading your own risk acceptance levels. We don’t want to get into a place where we’re acting from a position of fear or greed.
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