Well it’s mid week again and so it’s time for my Wednesday spread betting update. You may remember me saying I took a punt on ARM last week. Well the price did indeed fall back below 600p and so I tightened my stop to just above my entry of 578, and low and behold the price fell just below my entry before continuing to rise to 619p. The problem was with an absence of any strategy I was merely guessing where to put stops and when to move them etc. therefore the trade was probably exited prematurely. The important thing is I didn’t lose money. I didn’t really make any either but hey it’s better than a loss. From now on I’m going to try and stick to my strategy. If there are no trades for a while the so be it.
I pyramided an existing position the other day. I entered a new short trade on Henderson group so I’m now short £2 per point. My other long positions are still hanging in there. One is slightly in profit and the other is slightly in loss. I keep moving their associated stop levels in line with my strategy so we’ll see how they pan out.
Recently I haven’t been checking as often for new trades and I’m not really sure why. I seem to have lost my routine of checking everyday. It’s certainly something I need to address, I know I say there is no such thing as a missed opportunity but if you don’t even look for them then you will miss every opportunity. I think the best thing for me to do is run my stock screener at the start of each day and take a look through and potential trading opportunities.
The FTSE seems to be all over the place at the moment. I see it has closed down today. It seems that the recent 5400 resistance level has held up so far, but that really means nothing. Price could easily break through it, then there’s the question of it being a false break out etc. Man this is hard work sometimes. Just when you think you are starting to get the hang of things something can happen that makes you realise how little you actually know. I don’t think I’ll ever understand why the markets move how they do, let alone be able to try and predict where they might be headed. Still I’m not aiming to predict what is going to happen. I want to look at what is happening and trade accordingly. I think the absence of any kind of up or down trend is really starting to kick in with me. With not really having a sideways strategy not many trading opportunities are coming my way. Sill it’s all a learning curve and it only goes to highlight that I still have a long way to go in my spread betting education.
Right that’s you guys up to speed. I’ve noticed a few people have registered for the spread betting forum however if I don’t think the username or e-mail looks legitimate then I will not activate the account. If you have registered please contact me and I will get your account activated.
Let’s hope the next few days provide us all with plenty of trading opportunities. I’ll update you again at the weekend.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner