Today has been a good day for my spread betting. Most of my positions made some level of profit, with some performing better than others. My start performer was National Express with it gaining around 7 points on the day. I only hope my breakout theory is correct and it has indeed broken free from its trading range. We’ll see how it pans out. With this being a newish spread betting strategy I’ve decided I’ll trail the position at 3xATR(10) of the closing price.
Talking of new spread betting strategies I’m trailing another new strategy. I say new but it’s basically a combination of my super trend strategy and the trading strategy from Vince Stanziones course material. I’m basically looking for both a super trend cross and a buy or sell signal from Vinces system. The idea being that if both of these conditions are in place the trade has a better chance of doing what I think it will. Once in the trade I will trail it at the super trend value. This actually breaks the rules of Vinces system as it can be the case that an exit signal will occur but the super trend value is not breached. I’m trying this combination approach as I noticed that using Vinces system on it’s own would encounter several whipsaw trades where as using the super trend value for the stop position eliminates these whipsaws. I’m not saying that this will be the case 100% of the time. It could be the case that the exit signal is valid and exiting would’ve made less of a loss or kept more profit. It’s still early days for this new trail so we’ll see how it goes.
The new trade that I made using this new spread betting strategy is in Misys. Buy at 355.79 with a stop at 313. Now the regular readers of this blog will spot straight away that this smashes my y1% risk rule. Well there is no real reason for this and trust me I won’t be making a habit of it. On the plus side with trailing my stop at the super trend value I should be looking to tighten it after a modest rise today.
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
