Another spread betting lesson learned the hard way!

Not a great start to the day today. I wanted to exit my position in Bank of Ireland as soon as I could. The earliest opportunity I got to do this was just after 9:30 this morning. Knowing what I am like I decided not to exit the trade straight away, I decided that I would move my stop as close as I could. This way it takes any emotion out of it for me. If I had to click the sell button I probably would’ve ended up watching the price slide all the way to my original stop hopping that it would recover and I would make less of a loss.

The price I got for the order was 37.39. The stop was hit shortly after I made the change. I lost £6.61 on the trade. Still it’s another lesson. I shouldn’t just place orders and forget about them, and I should check, check and check again that I am sure there is a valid reason for the trade. Looking back now I don’t know what I was thinking when I placed the trade.

All that said I have placed a new order for the bank of Ireland. This time it’s a buy at 14 with a stop set at 6. I will be monitoring this and if it hasn’t executed within a month(4 weeks) the I will close the order.

I’ve made two new trades today. Buy Yell at 16.422 with a stop at 13, and Buy Taylor Wimpey at 26.13 with a stop at 21. These are both super trend cross over buys. We’ll see how they pan out.

I noticed today that Malcolm Pryor on Short Term Spread Betting: Winning Strategies for Active Traders DVD is available for under £200. Also you can pre order Malcolms new DVD Entry Level Spread Betting Strategies which is just over £200. I mention this because the sub £200 price tag is cheaper than if you buy it from spread betting central. I’ve also added these to my reading list page so if you fancy ordering them at a later date you can from there.

You may have noticed over the weekend that I added a new link to my useful sites list. spread betting trader is running a very interesting experiment over on his blog. On which I’m sure Tony Loton will be very interested in. He’s running two accounts. On of which he trades based on his professional tips he receives the other he is trading according to Tonys position trading strategy. It will be interesting to see how it pans out for him. I know I will be watching with an eager eye.

Spread betting DVDs

Oh I almost forgot to mention the new spread betting forum is up and running. BigAl asked a question on there about the IGindex trading platform. I did my best to help him out but not having a real account with them I think someone else might be better suited to help him.

Until next time,
“May the markets be with you!”
Spread betting beginner