Well I’m back. I’ve actually been back for a few days but I have come straight back to a mountain of work so I have been beavering away to get on top of that. Plus the misses has got a new job so we are about to move house and to top it all off we have just brought a house in Spain so I have that to deal with as well. So it’s a busy time for me at the moment and therefore I will be updating the blog as and when I get the chance. Don’t worry though cause I’m not going anywhere I’ll always be right here should you need me. For all the people that e-mailed me while I was away I will respond to you as soon as I can so please do bare with me during this busier than normal period.
So why have we brought a house in Spain? Well we’ve actually brought it in conjunction with my parents. Myself and my father were discussing the house prices in Spain back in June 2010 and decided that we would look into it further. So 15 months or so later we have found a house that suits us and our budget and decided to go for it. The only issue I really have with buying a place out there is the exposure we now face in the GBP/EUR Forex market. The day before we agreed to buy the property the exchange rate was up around 1.17 then the BOE (Bank of England) decided to announce another round of QE (Quantitative Easing) which clearly sent the wrong message to the world and the rate has been gradually dropping ever since. Although we are concerned about the exchange rate we did all out budget calculations based on a rate of 1.13 so fingers crossed we will be ok. We have most of the money in place and I transferred some today at a rate of 1.1365 to reduce our exposure to the fluctuations. I’ve been keeping an eye on the rate for a while and it looked like there may be a potential up trend about to get under way but who can say for sure? I know I can’t. Hopefully between now and when we have to change the rest of the money the rate will improve and save us money on our original figures. I guess we’ll find out what will happen in due course.
I decided while I was away to leave my positions open. This didn’t really make much difference to be honest. Drax has fallen quite a bit so that’s good as I’m short but BWIN has also fallen which is bad news as I’m long. Drax fell further so overall I’m making a profit. My Henderson group trade was still open when I got back so I moved my stop according to my strategy and the position closed out the next day. I haven’t even looked for new trades since I’ve been back as I’ve been so busy with work, looking for a new house and taking care of buying a place in Spain I just haven’t had the chance. Still towards the middle of next month things should quiet down a bit so spread betting beginner service should return to normal around that time. I’ll still be updating the blog when I get chance but it won’t be back to my regular Wednesday/weekend updates until mid November.
I kept my eye on the FTSE while I was away and no real surprises there. The FTSE dropped to its support level around 4800 before rising back to 5400 before starting to fall back again. It’s currently trading around 5420 at time of writing so we’ll wait and see if the 4800-5400 trading range is about to be broken. I have to say I’m sceptical but we’ll wait and see.
Right I think that’s you lot up to date with my life and my spread betting. I’m going to try and get some time to look for new trades today and tomorrow so you never know I might have some new ones to report later in the week.
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
