Again I was pushed for time today and my financial spread betting was the thing that had to suffer. I checked for stop adjustments of which there were a few so I made the necessary changes. I then had a very brief look for new trades and since I was struggling time wise I decided against placing any new trades that fit with any of my current spread betting strategies. I did however make one new trade. I pyramided into my existing Taylor Wimpey position. I brought in again at 42 with a stop set at 37. I’m now long a total of £3 per point and it all my stops were hit tomorrow I’d walk away around £2 in profit. So why did I decide to buy into Taylor Wimpey again? Well as we all know the most profitable way of spread betting is to find a trend, get a piece of the action and then move on. An even better thing to do is keep adding to a winning position, which is commonly called Pyramiding. So that’s what I’ve done. There is no real rhyme or reason to the new Taylor Wimpey trade other than, I have another position open with locked in profit, the stock has just dipped slightly and I thought it seems like a good idea. It will probably turn out to be a bad idea but I need to try and make some money some how and adding to my winners seems like a good way to do it. Fortune favours the brave as they say. The only question is have I been brave or stupid? If it goes well I’ve definitely been brave, If it goes bad then I then I’ve been stupid.
As you know I didn’t update yesterday. Well you didn’t miss much. I’m not sure if I even did anything on the spread betting front. I was that busy yesterday with work etc that I just didn’t get the time. Obviously at the moment I have work, the website and the family to keep happy and I sometimes feel like I’m working flat out. With my long term goal being to spread betting for a living, I wonder if one day I’ll have so much time because I will have cut out the work. When I say I’ve cut out the work, I’m sure spread betting full time will be work enough and I’ll have the site to keep my busy as well. It would be nice to have the extra 9 hours or so a day to spend on spread betting and the website though. Always the dreamer.
I’m going to try and get my review of Vince Stanziones spread betting system complete and added to the site over the weekend, so keep an eye out for that. Oh and thanks to off the lip for the e-mail yesterday. Interesting that we both had Barratt Developments come up as a new spread betting opportunity. Hopefully it will work out for us. Have a great weekend everyone.
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
