By recent standards my spread betting activity today has been a flurry of action. I closed a position manually, moved some stops and made a new trade. First the spread bet that I closed out manually. It was my position in Booker. My stop level was set at 53.5 but should’ve been set at 54. I couldn’t get it closer than 53.5 because it was a guaranteed stop with IG Index. I think it was a case of I should’ve tightened the stop but couldn’t because it was out of hours and by the time I got chance to move the stop level the closest I could get it was 53.5. So when I checked the charts earlier today and saw that the super trend had changed to down trend mode I decided to cut my losses there and then and exited at 54.21. It was a £2 per point long spread bet so I saved myself £0.40 Woo Hoo! That said It was a losing spread bet and I lost £10.10 on the trade Boo!
One new Short Spread Bet
The new trade that I made is in Vodafone. It’s a short trade at £0.80 per point. It’s a super trend cross with a recent possible double top. With the FTSE and indeed the whole world markets falling yesterday it was hardly surprising that there were loads of super trend selling opportunities available. I went through some of them and Vodafone looked the best pick. I deliberately only picked one for a few reasons. Firstly some of the others were too expensive for me and secondly because I don’t want to rush into selling everything only for the markets to turn on some good news. I suspect however with everything that is going on the worst is yet to come. It’s new territory for me. Since starting spread betting in February 2009 the markets have been in uptrend mode. Is this the start of a new down trend mode? I know I’ve been saying this for weeks but I think it may just be the start of something more sinister in the financial markets. As always I’m probably wrong.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner