I opened a new spread betting account with Spread Co the other day. I’ve yet to fund it and start trading but I’m thinking I’ll move the funds from my old CMC Markets Market Maker account to the new Spread Co account. I met them at the Traders Expo last Friday and got chatting with them. Their Saturn trading platform is developed by them which includes the charts they have on offer. Since I’m more of a technical guy rather than a fundamentalist I may try and push them to develop their charting package. I don’t know what they offer at the moment as I’ve yet to look at it in any great detail but when I do I’ll be noting down the things that I think are missing and that I would like to see more of. If any of you out there use Spread Co and have suggestions for changes or improvements send them to me and I’ll make sure Spread Co know about them. Oh and don’t forget you can review Spread Co on my reviews pages.
Spread Betting Action
I’ve made one new spread bet today. I sold Aegis group at 134.78 with a stop set at 147.5. Yet again this breaks my 1% risk rule however, I should be buying out of the position before the stop gets hit so it should be fine. This is a Vince Stanzione sell. I checked for any super trend trades but they were all too rich for my blood. They would’ve seen me smash my 1% rule by way more than the 0.27% I’ve broken it by on this trade.
I’ve placed the trade in my CMC Markets account as my IG index account has too many open positions and I don’t have sufficient funds to make the trade. It actually worked out better as I’ve placed the trade with a non guaranteed stop(which saved me money) and I think the spread was tighter. Obviously I didn’t need to place a guaranteed stop on the trade anyway but ever since I’ve opened an account with IG Index I’ve placed guaranteed stops on most, if not all, my orders. I don’t really know why I’ve always used guaranteed stops. I guess it was to eliminate slippage and obviously the safety they offer should the worst happen to the company in question. That said with most of my trades being on the top 300 UK companies you would think they would be less likely to go bust than some of the smaller AIM listed companies. Still I guess you never know. I think from now on I’ll try and take a quick look at the company in question and try to gauge if I think a guaranteed stop is necessary or not.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner