What will the Bank of Ireland do?

I have a few new pet projects on the go at the moment and so I didn’t get chance to post yesterday. What are these new projects? I hear you ask. Well I will reveal all in the fullness of time. It will be a few weeks yet before the big reveal but I think it will be worth the wait, I hope.

 

There hasn’t been much going on with my trades over the last few days. I’ve not moved any stops. Mind you it’s hardly surprising they’ve all gone no where. The FTSE has gone no where as well. It seems unable to make it’s mind up what to do. It drops to 5500 then back up to 5600 then down again. Still I suspect it may make a sudden move over the next few days/weeks and then hopefully my trades will go with it. Only if it goes up of course.

 

I’ve placed one new order today. I’ve placed a buy for the Bank of Ireland at 44 with a stop set at 34. The reason being looking back at the chart there is a potential support line at 43 so the theory is it could possibly bounce upwards from this. A few months ago I had placed an order at 60 with a stop at 50 as it looked like a potential support line was in place around 60. I cancelled this after a few week as the price had risen and seemed like never hitting this level. I’m glad I did as I would be sitting on a loss as it stands.

 

It goes to show that it’s important to keep an eye on any pending orders. I personally like the platforms that offer to add a time limit on orders. This way the order gets cancelled automatically if it doesn’t get filled before a specific date and time. The platform I am currently using most CMC doesn’t offer this functionality so you have to be vigilant to cancel any orders that don’t execute. They also don’t automatically assign stops to every order or cancel open stops if you close a position manually.  I think they have a new platform which no offers all this functionality which is a good thing. As a beginner to spread betting not knowing about these things can be costly.

 

Anyway that’s all from me today. I’m away again from Thursday 30th to Thursday 7th Oct so I doubt I will be posting anything while I’m away. I’ll probably post on the 7th to catch up with events while I’ve been away.

I should be able to reveal my new project around the end of October, if not sooner so please keep checking back.