Sally Nicoll was no stranger to gambling when she started to learn about spread betting on the financial markets. The broadcaster and advertising copywriter had grown up playing pinball and laying wagers on horse races and football scores. She once won enough on the Grand National to buy her brother a pricey African Grey parrot. But when she decided to write a novel, she thought she could finance her sabbatical with more complex bets on stocks and shares. Three years on, the Primrose Hill resident still hasn't made her million. But she has written both a novel and a witty introduction to spread betting - Bets and The City. In this interview with Sally Nicoll we talk to her about her life and how she got involved with spread betting

Financial-Spread-Betting: How and when did you first become interested in the markets?

Sally: When I was a kid, I loved the radio and I used to listen to a programme called THE FINANCIAL WORLD TONIGHT. I didn't understand a word of it, and I was sure it was some kind of a code, and that the presenter was actually sending secret signals to the Russians. I mean, there were these lovely, completely unintelligible sentences, such as: "Mining stocks are glinting with gold." Or "British Airways came crashing down to earth." Plus all that bulls and bears stuff. Gradually, I figured out what it all means. And I come from a gambling family, so I was taught about stocks and shares quite young. Mind you, spread betting hadn't been invented, then.

Financial-Spread-Betting: How and when did you get involved with Finspreads? Why Finspreads?

Sally: As I say in my book BETS AND THE CITY, they had the best colour scheme! What do you mean, you thought I was joking? I checked out all the sites, and they were by far the most user-friendly to beginners. Also, they let you trade initially for only 1p a point, so I could get a proper feel for how everything worked, without risking too much. The clincher was that they offered me an account top-up if I went on a training course I'd been planning to go on anyway. They're good like that; in fact to celebrate the publication of BETS, my readers can get a free fifty quid account top up... see sallynicoll.com for full details!

Financial-Spread-Betting: What markets do you trade? Which markets do you prefer? Do you have a favourite, and why?

Sally: These days, mostly the FTSE 350. If I'm day trading, then US shares like Apple and Amazon - the markets opening at 2pm fit in conveniently with my other life as a writer. And I LOVE binary bets; I reckon they're a great starting point for beginners. I steer clear of things like the Nikkei, and gold.... too volatile for a small player like me.

Financial-Spread-Betting: What sort of stakes are you trading for?

Sally: Depends. It's more about money management than size of stakes.... so generally speaking, I'll trade for a higher stake if the market is less volatile than others. And I won't risk more than 1 per cent of my bank on a single trader. Generally speaking! I think the most I've ever gone is £20 a point. And another reason I like Finspreads is because their minimum on most markets is only 50p a point!

Financial-Spread-Betting: What are some of the most crucial things you've learned from trading?

Sally: I've learned tons, by marking mistakes! And in a way, that's what BETS AND THE CITY is all about: How NOT to trade. It really is a comprehensive guide on what NOT to do. Most crucial lessons: proper money management, and using stop-losses, so that my rubbish trades don't go so bad that it feels 'too expensive' to close them... so I sit there, hoping they'll recover, but end up losing even more...

Financial-Spread-Betting: How have you been able to learn and to educate yourself about the markets?

Sally: I know I've been luckier than most novice traders, thanks to the blog I wrote for Finspreads. Once Harriman House spotted it, and wanted to convert it into a book, I didn't want to go down in trading history for being the worst spread better of all time. So I got expert advice. I've learned from people like John Bartlett, John Piper and Greg Secker. And it HAS made a BIG difference, I've also done lots of reading. Nowadays, I trade solely on technical analysis - looking at the charts - and the golden rule (invented by someone a lot smarter and richer than me!) is 'Trade what you see. Not what you think."

Financial-Spread-Betting: If you could go back in time and witness one event in history, what would you go back and see?

Sally: I'd much rather travel forward in time, and see how the markets are doing!

Financial-Spread-Betting: Who have been some of your mentors and role models? What impact have these people had on you personally, as well as on your trading style?

Sally: See above. Mentors are important, whatever you're doing. I've been fortunate to have had them when I worked in advertising, and for my attempts at writing fiction, as well. Personal impact? If you have a good mentor, then use them as your role model. I've profited from John Bartlett's no-nonsense, no-bullshit manner. John Piper's psychological insights. And Greg Secker's boundless, infectious enthusiasm.

Financial-Spread-Betting: Can you give us a brief overview of your trading style?

Sally: Charts, charts, charts. Finspreads Rolling Contracts for short-term trading of 3 days or less. Monthly contracts if I anticipate a longer trade. Cut bad trades fast. Sensible money management. Satisfaction at getting better.

Financial-Spread-Betting: Would you classify yourself as a short-term or long-term trader? What advice would you offer to people getting started as traders on the relative merits or otherwise of each?

Sally: If I see a quick, decent profit, I've learned to take it. Back in May 2006, I was trading long term and remember I'd built up a position on one particular stock. I was £1500 up. I sat there and watched it ALL vanish AND go into the red when the market crashed. That won't happen again! As a trader you have to find your own path. There's a saying: "Trading shows you who you are." I've always been good at filtering info fast and making decisions, so I'm best suited to shorter-term trading, and I LOVE binary bets, where you're glued to the screen and ready to make Very short-term trades.

Financial-Spread-Betting: What makes your trading style different from others? What sets you apart from other traders?

Sally: Haven't a clue, sorry!

Financial-Spread-Betting: What qualities separate winning traders from losers?

Sally: Knowledge. Experience. Perseverance. Money management. The last is the most important of them all.

Financial-Spread-Betting: Do you think discipline is that important?

Sally: Absolutely. Work out your own rules and stick to them. (But in the heat of the moment, it's hard not to be reckless, from time to time!).

Financial-Spread-Betting: What other attributes do you consider essential?

Sally: Use decent charts. I'm sold on ShareScope Pro.... it costs me about eighty quid a month, but it pays for itself in terms of winning trades.

Financial-Spread-Betting: Do you have a 'favourite' trading rule?

Sally mostly bets on the FTSE 350, currency exchange and company shares going up or down,
spending several hours at the start of the week identifying her bets,
then keeping a regular eye on her trading.

Sally: Never bet more than you can cheerfully afford to throw in the gutter. That's what my dad taught me when I was knee-high to a spread sheet.

Financial-Spread-Betting: Ed Seykota says, "Everybody gets what they want from the markets." What does Sally Nicoll 'get' from the markets?

Sally: I've inadvertently got myself a sort-of career from the markets! It started when Finspreads hired me to write a blog about my (mis)adventures as a complete beginner at spread betting. The blog turned into BETS AND THE CITY. Now I have ongoing updates on my own blog, at sallynicoll.com - people seem to like what I write and I've been called the Anti Guru: Do the opposite to what I'm doing, and you can probably start counting your profits!

Financial-Spread-Betting: What effect has trading had on your lifestyle?

Sally: I now have to show up income from writing on my tax returns.

Financial-Spread-Betting: Is there any one trade (win or loss) that you can remember that had a profound effect on your development as a trader? If so, what did you learn from this trade?

Sally: The day I discovered binary betting. And learned how to turn my computer into a cash register. I learned that I LOVE binary betting.

Financial-Spread-Betting: Can you tell us about your best and worst trades?

Sally: They're all in BETS AND THE CITY. If you want a free sample of the book, you'll find it at on my web site.

Financial-Spread-Betting: Is there anything you would do differently today?

Sally: Exercise proper money management sooner than I did.

Financial-Spread-Betting: What would you never do with your money?

Sally: Risk it all on a single trade.

Financial-Spread-Betting: How do you feel about investing overseas?

Sally: Funnily enough, I'm thinking about living in Spain for a while in the not-too-distant future. But the property oversupply is massive, so I'll rent, rather than buy.

Financial-Spread-Betting: As you were growing up, did your family have any distinctive rituals or practices others might do well to emulate?

Sally: My dad gave me an Alternative Education: Pinball playing. Horse Racing. Soccer "Come ON you Spurs!" Gambling. Highly recommended.

Financial-Spread-Betting: If you had a friend express interest in becoming a trader, would you recommend it?

Sally: Depends on the friend. Would never recommend to people who are generally risk-averse, or who want to borrow money to get started.

Financial-Spread-Betting: Did you make mistakes when first starting out?

Sally: I made every mistake in the book. Which - as you know by now - is called BETS AND THE CITY.

Financial-Spread-Betting: Are you optimistic or pessimistic about the UK stock market over the next 12 months?

Sally: I don't have an opinion. And in terms of spread betting, it doesn't really matter. Having said that, I'm looking forward to rich pickings with the next bull/bear run. And because the markets are cyclic, it's only a matter of time...

Financial-Spread-Betting: What does your average working week involve?

Sally: Drinking lots of coffee. Hanging out with my friends in Primrose Hill. Throwing sticks for Dow Jones (my trusty canine spread betting accomplice.) Writing. Trading. Laughing. Watching programmes like Entourage and 24 when I should be writing.

Financial-Spread-Betting: What's your pet hate?

Sally: Grandiose people.

Financial-Spread-Betting: Does the Loch Ness monster exist?

Sally: Give you odds of 6/4.

Financial-Spread-Betting: If you could be the MD of any public company, which one would you choose and why?

Sally: I'm happy being the MD of sallynicoll.com.

Financial-Spread-Betting: What's your greatest athletic achievement? Striker for your school Football team? Ran a marathon? Walked all the way home from the pub.

Sally: Does landing a Grand National tricast count?

Financial-Spread-Betting: What technology would you un-invent if you could save the world from it?

Sally: None. I love technology, and adore its progress.

Financial-Spread-Betting: What books, seminars and courses have you read or attended and which would you recommend?

Sally: Lots of trading books. I particularly like the ones by John Piper and Robbie Burns. John Bartlett does a good course. Finspreads do lots of free seminars, and they don't do hard sell. Greg Secker gets a bad press, but I found his Traders University and livetradingfloor.com incredibly useful.

Financial-Spread-Betting: Tell us your money-saving secret - double points on your loyalty card, visiting a TV shop when your team is playing on satellite, we need to know?

Sally: Buy fresh food locally instead of buying more food than you need at the supermarket and then chucking it out.

Financial-Spread-Betting: What technology do you wish the world had but doesn't yet?

Sally: Accurate financial market predictor.

Financial-Spread-Betting: Make a suggestion to the chancellor of something to include in the next budget?

Sally: How about his surprise resignation?

Financial-Spread-Betting: What projects have you got coming up? What does the future hold for Sally Nicoll?

Sally: Right now I'm still busy marketing BETS AND THE CITY. By this time next year, I'll have finished the book I'm working on. It's called BALLS, and it's about soccer, sex and secrets...

Bets and the City is published by Harriman House £9.99. The first three chapters can be read at www.sallynicoll.com. All in all a very funny and informative book on spread-betting, quite a good read kinda Bridget Jonesy and smart.

And as an ending note we have teamed up with the publisher of 'Bets and the City' to offer you a 34% discount when ordering the book from THIS link - plus only £1.50 P&P!

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