Month: July 2010
Closed Dominos - July 27, 2010 by Harry

A very quick post.

Closed my dominoes position at 423.78 so made £1.78 better than a loss I guess. I checked my account later only to find that somehow I had gone short £1 per point when I closed out the position. Anyway as luck would have it the price fell and I exited the new short position for a £0.70 profit. Just goes to show what mistakes you can make when you aren’t really focused on what you’re doing.

Anyway thanks to Tony & Cassini for their comments. I will return on the 5th August.
Happy Trading everyone.
I hope the markets are kind to you while I’m away.

Until next time
“May the markets be with you”
Spread Betting Beginner

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More news - July 26, 2010 by Harry

I haven’t really had my eye on the markets today in light of recent events. I will close my Dominos position tomorrow at some point, It will be when I get the chance to do it.

This may well be the last post for a while. I will be away from wednesday 28th July to wednesday the 4th Aug. I will try and start blogging when I am back. Possibly on thursday the 5th Aug.

I will try an post my closing position of Dominoes it just depends if I get chance to do it tomorrow or not.

Until next time
“May the markets be with you”
Spread Betting Beginner

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Some Sad News - July 25, 2010 by Harry

We have had a death in the family over the weekend. Therefore the blog will be very quiet over the next few days/weeks. I will not be trading as I do not have the time to dedicate to it nor am I in the right frame of mind to trade and will only make further mistakes.
With the family member living in another country I will be out of the country for a week or so and will not be updating until I return. I will probably close out my dominoes pizza position as I will not have the time to monitor it. My positions in Luminar, Premier foods and Shanks will remain open. With these using the momentum divergence strategy off weekly charts they should manage themselves while I’m away.
I apologise to the people who read this on a regular basis but please bear with me. I’m not sure when I will be back but I will try and do one final post before we go to let you know the date that I should be able to post again.

Until next time
“May the markets be with you”
Spread Betting Beginner

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A quiet week. - July 23, 2010 by Harry

Are you profitable? Have you voted yet? If not please do.

Well another week has been and gone, well almost. It’s been a fairly quiet week for me trading wise, which I am quite happy with at the moment. Having traded my capital dangerously low over the recent months it good for me to consolidate and try and re-build from the ground upwards.
It’s tricky at times being a Spread Betting Beginner. With learning as I go I think I will end up stumbling across my way to success rather than it being a cool calculated decision. Looking back at my past history I have done things the wrong way around. I started small, always used a stop loss, didn’t trade all the time and spent more time researching my potential trades. Doing this I was nearly a profitable spread bettor.
Over the last few months, however, I have done what a beginner would probably do. I traded far too much, didn’t put enough time into finding trades, but I did always use a stop loss which is probably the only reason I am still in the game.
Looking at the past few weeks I feel I may be starting to get back to winning ways. Even if my results do not yet prove it.
  • I am trading less frequently, which I apologise to the people reading this as I guess it makes it slightly less interesting, but I have to do this as I believe this is the path to my success.
  • I am putting more time into finding my trades and only trading what I believe are high probability trades based on my strategy.
  • I am spending more time doing analysis of the overall (FTSE ALL SHARE) market.
I remember when I went to a free seminar for traders university back in October 2009. They asked me if I had any experience with trading and I told them about my spread betting etc. They asked if I’d had any sort of coaching to which I said I’d had none. They looked surprised as If I couldn’t get this far without any coaching etc.
Although I would never pay the silly amount of money that they wanted for the course I can see how having someone more experienced looking over your shoulder could be of a significant benefit. I often considered going on one of Malcolm Pryors spread betting seminars but the £350 price tag it just too expensive for me at the moment.
Has anyone been on one of Malcolms seminars? If you have I would love to hear from you and what you thought of it.
Anyway what I am trying to say is, I think I maybe on the right path to my success now. Not overtrading and waiting more for the right opportunity to present itself rather than rushing into trading because I feel I have to trade. I’m sure there will be rough patches along the way and a few more hurdles I need to overcome but I feel I will get past them and be able to label my self as profitable.
In the words of Winston Churchill “This is not the end. This is not the beginning of the end, but it is the end of the beginning”
We’ll wait and see if I ‘m right on this one or not. Probably not judging by my recent performance.


Until next time
“May the markets be with you”
Spread Betting Beginner

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More spread betting insight - July 22, 2010 by Harry

Are you profitable? Have you voted yet? If not please do.

 

I’ve had a bit of time in between doing things at work and I came across a new web site containing more spread betting insight. The site is called spread betting for me and it contains, news, spread betting comparisons and a similar blog to mine. To be honest the site is very similar to what I had in mind when I started this blog. I want it to document my progress as a spread betting beginner while providing other useful features. The blog is getting there but with only having limited time to put into my trading and this blog it’s difficult at times. Still “slow and steady wins the race” as they say, I will get there eventually,I just need to take it one step at a time.

 

Anyway back to spread betting for me. I would suggest taking a look. I usually take a quick look most days, I think the most interesting part of the site, in my opinion, is the spread betting diary. The diary is kept by the “Virgin Spreader” which as the name suggests is a newbie to spread betting, much like me. Spread betting for me is from its parent site the Economy news site which is where the virgin spreader started their blog postings. I think as a site they are still fairly new and they have recently re-designed their layout. I suspect there may be more changes in store over the coming months as the site finds it’s feet but we’ll wait and see. Anyway It’s well worth a look. I have added a link on the left “More spread betting insight”, so you can check it out after reading my latest post if you like.

 

Todays action.

With the whole market rising on better than expected retail sales it has dragged some of my positions up with it. Paragon rose steadily during the day to take the position into a loss. With ADX dropping to 24 I decided to cut the loss short and look for a better prospect. I closed the position manually without giving it too much though at 127.8 taking a £1.80 loss. You watch the price drop back now. Anyway the trade is over It’s time to look for new trades.The order I placed for Dominos Pizza has not yet executed, there is still a few hours until the close of trading so it may still fire off. Shanks is currently up a few points. Can it continue in this direction to my first profit from the momentum divergence strategy? We’ll wait and see. Premier foods dropped a little today not what I want but hey there’s a while before the end of the day and tomorrow is another day. So onwards and upwards. That’s about all for now. I decided to post early as I had a little time. I may update the post later if I find any potential new trades at the end of the day.

 

Until next time
“May the markets be with you”
Spread Betting Beginner

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