I’ve been trying to transfer money between spread betting firms today. Actually it’s between my old CMC markets account and my new CMC account. Why they can’t just give me a button on the platform that lets me do it myself? I don’t know? I was thinking to move away from CMC markets when they close my old account but I’ve decided to give them a little longer yet. When I spoke to the CMC markets man he told me that they should be updating their charts etc. Around the middle of next month. So I’ll probably give them till the end of the year to make their updates and then decide if it’s time to move on or not. I still have accounts with tradefair, capital spreads and tdwaterhouse (formerly E*Trade). I may look to open some new accounts soon but I’m not sure which spread betting firm to choose. I know SpreadEx have an introductory offer for new customers so maybe I’ll try them.


I’ve only done one thing relating to my spread betting today and that is to move my stop on my EAGA position. I’ve moved my stop to 59 locking in a whopping £1.71 profit. With the price currently hovering around 62 I’m willing to risk the extra £3 profit in hope of a further rise. Will it happen, I have no idea, but it could do.


My order for persimmon nearly executed today. With price dropping to 342.5 it has been 1.5 points away from buying me into the trade. This is support zone buy and if price can bounce off this support level back up to the recent high of 412 then I think it’s worth the £10 risk. The only thing I’m not 100% sure on here is when to trail my stop. In Malcolm Pryors book winning spread betting strategies he suggests when the price reaches the midway point to trail the stop below the low of the last two weeks. Maybe I’ll do this, at the moment It’s the only solution to trailing my stop that I have .


UPDATE: I just checked and persimmon closed the day with a buy price of 341.06. I suspect this trade may trigger on Monday morning at the open.


Thanks to Alan for his comment again. I know the feeling of the FTSE goes up and your portfolio value goes down. It sometimes seems to make no sense what so ever. The thing I try and do now is keep an eye on the overall market (FTSE) but keep a closer eye on my trades. Like Alan says “I’ve given up trying to work it out..!!”


That’s about all from me today. If I get chance to update the site over the weekend I will. I’m working on updating the spread betting strategies section and want to add details of my super trend strategy along with more detail on the super trend construction and function.


Until next time,
“May the markets be with you!”
Spread Betting Beginner

October 29, 2010 by Harry
Category: blog
Tags: CMC markets, EAGA, FTSE, malcolm pryor, persimmon, profit, risk