So here we are at the end of another Spread Betting week and the start of a new Spread Betting month. Is it just me or do these weeks and months seem to fly past quicker and quicker. I think it must be my age, the older you get the faster time seems to pass by. Anyway with the new month of September brought new hope as the markets rose but then today hit and with the wide belief of the US jobs falling short of estimates the markets have dropped. It seemed until today that things might be starting to look up but I suspect the opposite is more likely. I suspect there may be a surprises to come but the question is what affect will they have on the markets?
I actually managed to make two new spread bets yesterday. There were loads of super trend crosses which were all in the upward direction, a few also met the criteria from Vince Stanziones system so I made two trades. This placed me in the ideal position of having two long and two short positions open so I was poised for a move either way. I checked my positions again at the end of the day yesterday and noticed that one of my shorts had stopped out for a £12 loss. Therefore I’m actually more long than short, not ideal if todays down move continues into next week. Still as we all know in spread betting we have to take the rough with the smooth so I’m not overly concerned. As ever time will tell how things pan out.
You may remember me telling you that I would be writing an article for Your Trading Edge magazine, well it was published a few days ago. I managed to find a copy of it online so for those that did not subscribe to the years free digital subscription you can read it here. It’s all about spread betting strategy development so take a look and if you want to give me any feed back on it your more than welcome to contact me or leave me a comment below.
I have to say with all the recent movement in the markets I kind of feel that maybe I’ve missed out a little. However I know that this is just my mind playing tricks. It’s tough sometimes to see through this and realise that just because the markets have fallen considerably it doesn’t mean I’ve missed the boat. The markets could continue to fall, in which case the FTSE will enter down trend mode and I’ll look to hope on board with some shorts, or the FTSE will enter a new uptrend in which case I will be looking to hop on board with some longs. I think it’s important to remember that I am not in the habit of calling the market top or bottom (even if I do like to speculate, but het who doesn’t). I want the market to start to trend nicely so I can hop on board and get my slice of the action before things turn sour grapes. I guess one thing I should work on it some strategy for sideways markets. It’s certainly something for me to consider, not that I don’t have enough to deal with already.
Oh, my two new trades yesterday were both long trades. One in Old Mutual and the other in BWIN Party Digital entertainment. You will probably not be surprised to hear that both are currently showing losses. You never know your luck things could turn around.(To view my latest Spread Betting Trades click here) I have been trading mostly with SpreadCo recently because of their tight spreads, but they don’t offer BWIN so I placed that trade with Capital Spreads. I keep meaning to take a look at Capital Spreads new back testing functionality. Has anyone had a play with it yet? If you have I’d love to hear from you to see how you got on with it.
Right, that’s all from me for this week. Let’s hope the weather keeps up and we have a nice weekend to finish off the so called ‘summer’.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner