Today I pyramided my existing Britvic spread bet. I pyramided according to my new pyramiding strategy using 1 ATR. My new pyramiding strategy is actually kind of hidden in another blog post entitled “Doing Nothing – It’s a part of Spread Betting.” Since I intend to use this strategy for pyramiding spread bets I will probably tidy it up a little and move it to a more sensible place, most likely with my other spread betting strategies. I think pyramiding Is probably one of the most difficult aspects of spread betting. When do you pyramid? How do you pyramid? It’s certainly something that I have struggled with and still do. I wonder if my new pyramiding strategy will work out for me over the long term? As always time will tell.
Anyway back to my new pyramid. Since Britvic made a high yesterday of around 402.7 I subtracted 1xATR 7.7 and placed a new sell order at 395. With a stop set at the current super trend level of 415. This extra £1 per point puts the position back into risk rather than break even. Hopefully the price continues to fall and makes me a nice profit.
Other than that I’ve just been moving stops. I had a quick look for new trades today and nothing jumped out and slapped me in the face so I’ll be waiting until another opportunity comes along. I’m not worried at the moment anyway as I have more than enough open positions for now. I think I will now just be monitoring them and seeing how they progress and if any new pyramiding opportunities come along.
Hopefully you all saw my previous post about the spread betting beginner news letter. I have three e-mail addresses registered for testing purposes and when I wrote the blog entry I hadn’t received the e-mail at one of the addresses. It came in about 15mins or so later so I guess it could just be the time it takes to send out the news letter to the hundreds of thousands of people that have already subscribed(Yeah right, I wish). Anyway if you haven’t received the news letter and would like to please let me know and I will send it too you manually. Please do enter the FTSE100 competition this month as it is completely free, no strings attached and you can win a prize. Just ask Ted.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner