The spread bets are coming thick and fast again after my 6 months or so of messing about. I say messing about I’ve actually put a lot of time and effort into this website to keep building it up a bit at a time. I have to say that I think I’m developing a very useful spread betting resource (I’m so modest)which will hopefully continue. Most recently I’ve added a spread betting wiki which is a place where you the reader can become the writer. I don’t know if any of you out there are familiar with the wiki concept but it basically means anyone can add/edit any page within the wiki. So for instance if you know loads about technical analysis and want to share it with the world now’s your chance. You don’t need to ask me or signup or anything, you just add your content and that’s it. Other people can also edit what you have written just in case what you have written is not factual and obviously I will be monitoring what goes on there to keep the spammers away. Anyway feel free to add and change what you like. The more people that get involved the better the resource will become, which is the spread betting beginner way. Share what you know so others can learn!
Moving on to my own spread betting activities. I’ve placed two new trades today. They are both short trades to try and balance up my portfolio during these turbulent times. The first spread bet is for Avocet Mining. Sell £1 per point at 162.4 with a stop set at 180.4. Second is first group. Sell £1 per point at 197.77 with a stop set at 210. I’ve deliberately set my stop tight on first group as 200 is a support level and if this level does not get broken then I don’t want to be in the trade. Having said that it could be a temporary bounce to 210 before continuing downwards. What are the odds that the latter will happen and I’ll be kicking myself for setting my stop too close in a few days/weeks time. Anyway we’ll wait and see what happens.
Both of these trades are trend following trades, or at least that’s the plan. They are both making new 52 week lows, 20,50,200 EMA are all in down trend formation, ADX is well above 30 for both and here’s hoping the down trends continue.
Again I’ve logged these trades in my own position logging utility. I was planning to make changes over the weekend, so my trades would be publicly visible, but I took some time off instead. Hopefully I’ll get chance to make the changes this weekend. You’ll know when they are anyway as my most recent trades will be listed and I’ll probably post to make you aware of the changes.
All my other positions are ticking over nicely. I’m keeping a close watch on my recent position in Dixons and an older one in Regus. With Regus it’s really failed to resume the uptrend and so I think it will be best to cut my losses now to save the few extra pounds before my stop hits anyway. Dixons has dropped slightly today so it could be that the recent retrace is not over. I’ll probably give Dixons a few more days before deciding what to do as the position has only been open a few days. I’ll give it the rest of the week and go from there I think.
Right that’s your lot from me for today. I’ll post again later in the week when I have some more news.
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
