If you read my last post you will be aware that I am planning to get back to spread betting and this time the plan is to make a success of it. Other people can do it and so can I. The thing I didn’t mention last time is that I was on Jury duty and basically had no time to do anything as I was also trying to keep a breast of work while also on Jury duty. Anyway that all ended last Friday and now I have some time to start along my new path.
The plan is to spend more time researching companies and when I a am convinced by the fundamentals of the company then look at the chart to check out the technicals. In all of my previous trades I have purely been looking at the technical side of things and it just isn’t working for me. While I agree that a strong technical picture is a must for a potential trade it alone is not enough to make a trade. This is only my opinion and I suspect there are plenty of other people out there that would disagree.
Un until now I have been constantly trying to develop a purely technical strategy that would give me my setup, entry and exit points without ever knowing what the company in question actually does. My opinion is that this has been my downfall and something needs to change. I don’t know about you but I’m a strong believer in finding someone that has done the same thing and all you need to do is just copy them. Well none other than Robbie burns has done exactly that and therefore the plan is to try and copy him. Now when I say copy him I don’t mean I will be copying his trades but what I plan to do is use his books as a guide for developing my own techniques for picking trades.
Anyway that’s all from me for now. I’m going to start looking for trading opportunities over the next few days so watch this space for any updates.