Moving Stops and a new Trade

I’ve just taken the opportunity to move my stop on Debenhams locking in another 1 point profit. My initial risk on this trade was £6.85 so the locked in profit now covers the initial risk. The current price of Debenhams is 77 and if I was to close at 77 it would give me a profit of around £15 which would be a 1:2 risk to reward. I’m not even thinking of closing my position though I’m keeping it open for the chance of further gains and potential pyramiding.

I’ve opened a new position today in EAGA. I didn’t know it at the time but Tony Loton had a position in EAGA stop out today and re-brought at a lower price according to his position trading strategy.

I personally think that the shares have over reacted to the news about planned government cuts to a fuel scheme. The firm is an energy efficiency company and in these tough times of cut backs and money saving surely people are going to want to improve their energy efficiency to cut costs. At least that’s my theory anyway. That’s why I think the £3.29 I’m risking on the trade is justified. Oh and FYI the fact the I have a stop set at 54p the same as Tony is coincidence, nothing more.

So anyway you can check out my open positions here. All the ones that don’t have a close date are the positions I currently have open. That’s 8 in total.

Thanks to Alan for his comments. It seems we have the makings of a professional spread bettor among us with a £250 paper profit. That’s good going after only starting with £750. There aren’t many people that can boast a 33% return on their investment in 6 months. Keep up the good work Alan, and keep us informed of your progress. I only wish I could be reporting the same kind of figures, still maybe one day I will.

That’s about it from me today. I’ve added my support Levels(Support Zones) section to my beginners guide. So take a look if you fancy a laugh. If you think I need to change anything please do get in touch.

Until next time,

“May the markets be with you!”
Spread Betting Beginner