Well It’s been a while since my last update. I think I mentioned before that Friday I was at the traders expo. I don’t know if anyone else went but there was some useful stuff there. I especially liked that there were a lot of companies that offer potential ways to automate your trades. I know I’ve mentioned this before but being a software engineer I’m big into making computers do things for my benefit and I’m sure there must be potential for a completely automated trading system to work. I’m going to look into it further, when I get chance, so keep an eye out for more on that at a later date.
There may be some new offers coming your way as result of me trying to do some networking at the traders expo. So again watch this space for more news on those in the near future.
I spoke to a few interesting people at the traders expo. One of whom was Andrei Knight. He’s the author of the soon to be released book Trading Forex for a Living. I really started speaking with him by accident. I was at Ashraf Laidi stand and was trying to talk to him but he was just “too busy” not my words his. Andrei is a friend of his and was trying to speak to him but Ashraf started talking to a crowd that he had started to gather, so I talked to Andrei. (Get to the point Harry) Andrei was interesting as he believes that 95% or more of successful trading is psychology. I have to say I think I agree. As he said if you have a strategy that is proven to work through back testing and real life trades then all you need to do is place the trades and keep your emotions out of it. One good tip he suggested trying when trading is to switch on your webcam and record yourself trading. Watch yourself as you make a winning trade and as you make a losing trade. Learn from this and see what you do differently when making winning and losing trades. Then just try to eliminate the things you do that cause you to make those losing trades. The important thing to remember is if you have a proven strategy is to stick with it through thick and thin. Every strategy will give you losses but as long as your strategy has a positive expectancy you should be ok. It may be the case that you get all your losses in a row at the very start of your trading but if you stick with it you should come good in the end. (Don’t quote me on all this. It’s quite possible to loose all your money trading a so called winning strategy. Spread bet at you own risk)
I will also be partnering with an Australian magazine called Your Trading Edge(YTE) in the near future. I’ve read through a few copies and I have to say I really like it. It’s goal is much the same as this website, to educate and help improve your trading skills. I know what you’re thinking, if it’s an Australian magazine what use is it to me, well they are looking to launch in the UK later this year and are offering a 12 month free digital subscription. They publish the magazine every two months so that’s 6 free digital copies. You need to register via the YTE magazine UK website www.YTEmagazine.co.uk. How I said I think it’s a good magazine and with a years free digital subscription what could be better?.
There were so many people that I met at the traders expo, far to many to mention them all in one go. I’ll perhaps mention them some more over the next few days.
Todays Spread Betting Action
Well since I had a surprise demo land in my plate as soon as I arrived at work today I’ve had no chance what so ever to look for new spread bets. I haven’t even had the time to adjust my stops. I did have a quick look at my IG Index account to see that my position in Barclays stopped out at 308.1 making a loss of £3.44. I’ve just checked my CMC Markets account and noticed that my Taylor Wimpey pyramid has now collapsed. I still made a slight profit overall just not as much as I’d hoped. Oh well, it’s the nature of the beast I guess. If I hadn’t have tried it and the price had rocketed then I would’ve regretted it so it’s just the way it goes. I guess I’m getting all my losses out the way for the good times ahead. (A bit of wishful thinking there me thinks)
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
