Things seem to be looking up. The FTSE 100 has had another good closing 125 points higher. It would seem that the bulls have been victorious for now at least. With prices having past the previous high is this the return to an uptrend? I’m still sceptical, the price has only just passed the most recent high and it could still turn out to be a new resistance level. That said if a new up trend does emerge then I shall be looking for long positions only.
At the moment my two open short positions have taken a bit of a hammering. So much so what was once looking like a reasonable profit has become a small loss. It’s the nature of the beast unfortunately, if I want to keep positions open for more potential profit I need to move my stops in line with my strategy. I’m not concerned anyway I know that if my stops do get hit the loss will be small enough to manage and as we all know losses are a fact of life when trading. Sure I’d love to always make a profit, who wouldn’t, but I learnt pretty early on that make a profit 100% of the time is just not possible.
I had a look for some new spread bets today but nothing that fits with my risk tolerance. I think the best opportunity had a risk of 60 points associated with it which is way to much for me. If I had the ability to use fractional bets like City Index or MF Global offer then I may have been able to trade. Maybe I should look to opening an account with one of these spread betting companies, that would take my total spread betting accounts to 7. I think it might be time to start consolidating the dribs and drabs I have in some of these accounts to my favourite account. The question is which is my favourite. Tough question, at the moment I am trading mostly with SpreadCo mainly because of their tight spreads and their charts are pretty good as well. The only thing that lets them down is the range of instruments they have one offer, that said I’ve never struggled to find an instrument that I want to trade. Something for me to think about I guess.
Right that’s you guys up to speed for now. I’m hoping for some decent trading opportunities to come along soon, which will give me more to write about.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner