Hi exotic, you may be quite right there - which is why I have hesitated for a month so far regarding spread betting but don't forget the £7 -> £4 was accounted for and that situation is unlikely to arise again.
If I have enough ££ tucked away to withstand a fall of say 200 points in the background I should be able to leverage a little. The difference with holding the shares is that I will realise the loss on sale (but not forced sale), with a SB I have to survive a possible margin call.
In the worst case scenario where could the SP drop to I wonder? Is it likely a major fall is precipitated by emotion/fear over the next 18 months? I don't see a fall for logical/rational reasons. Boredom between rns may acount for 10%...
Still deep in thought about the future holding method, thank for your concerns though.