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Well it’s been a fairly quite day for the markets today. The FTSE finished the day almost flat. I wish I could say the same for my positions. My biggest loser today was Persimmon. I thought it was going to stop out. It came tantalisingly close. My stop is set at 336, the current bid price is 338. Will it stop out tomorrow? Hopefully not but if it does it does. I just hope I don’t suffer too much slippage if it does. Hopefully the buyers will come to market and shoot the price up at the open. Maybe I should start a Persimmon take over rumour. Hey it almost worked before.
My star performer today was Northern foods up around another point or so. I should be moving my stop on that position again this evening. If I can continue locking in profit 1point at a time I’ll be a happy bunny.
You may recall I said yesterday “I’ve contacted Peter Cruddas the founder of CMC markets”. Well I had an e-mail last night from Robert J Allan who is the UK digital manager for CMC markets. Apparently he Is going to personally discover who should be responding to my questions and get some answers for me. I’ve had noting yet but at least I know (I think) that my request is now being dealt with. I’ll keep you posted on the outcome.
I posted a thank you on the trade 2 win forum which you can read here. In case you were wondering I’m SB_Beginner, PC at CMC Markets is Peter Cruddas. I wanted to thank him for getting someone to respond. I also added few lines about there new platform. Apparently they are adding screening tools in the new year so I look forward to seeing how they work. Hopefully they are good and I’ll continue to spread bet with CMC markets. I’ll give them another 6 months or so and see how they turn out.
No new trades. I’ll take a look for new trades later. If anything takes my fancy I’ll let you know about it tomorrow.
Thanks again to everyone participating in the new spread betting strategy development over on the forum. It’s appreciated as always.
Until next time,
“May the markets be with you!”
Spread betting beginner
I have a bit of a confession to make. I’ve kind of taken my eye off my trades this past few days. With updating the site, work family etc my spread betting has been neglected. Fortunately it’s turned out ok so far but it could’ve easily been much worse and still could get worse. It’s something that I need to sort out for myself. I think I need to give more time to my spread betting and update the site when I get the time. Don’t worry I’ll still be blogging regularly but adding more to the rest of the site might take a bit of a back seat for now.
So what has happened. I have a new position in Persimmon. I thought I’d posted previously that I placed a buy order at 340 with a stop at 330, but I can’t seem to find it. Anyway I placed the order and it executed on the 23rd of November. I checked the charts today and the super trend value is 337.06 so I’ve moved my stop to 336. So I currently have a £4 risk on this position. It’s a support buy, pretty much the same as I did previously. If I had been checking the charts properly recently I would’ve also seen that It came close to the super trend level which is also a buy signal for me. Anyway so far it’s turned out ok. I think it’s currently £17 in profit but I have an open risk of £4 and I will trail the stop based on the super trend value. Here’s hoping price recovers to its 2007 high of around 1500 a share. Not very likely but hey, you never know.
Other than that I think the rest are taking care of themselves. My pyramids are holding up so far and I’m hoping before too long I’ll be moving stops on them to start locking in profit.
I’m actually quite surprised that most of my positions have held up today considering the FTSE has tanked nearly 100 points so far today. Maybe I’ve spoken too soon. I hope not!
Oh and in case you were wondering if I’ve heard back from my spread betting firm (CMC markets) about the Northern foods merger question. You probably know the answer already. No! Not a great advert for their customer service I have to say. Still maybe there is a reason behind it. Maybe my e-mails are caught by their SPAM filter. I don’t know. When I know more I’ll let you know.
Have a great weekend everyone. I’ll catch you all Monday. Unless I see you in the forum before then. Thanks again to everyone joining in the new spread betting strategy topic. It’s certainly got people thinking.
Until next time,
“May the markets be with you!”
Spread betting beginner
Well another trading day has been and gone. It’s been a bit of a better day with the FTSE rising 80 odd points. My position in Vodafone stopped out yesterday for a loss of £5. It actually closed out before the end of trading so my slippage concerns weren’t needed after all.
I’ve still had no reply from my spread betting firm (CMC markets) about the northern foods merger. I wonder will they respond tomorrow? It’s certainly not a great advert for their customer service. I’m still considering to move from them. I haven’t decided who too yet but when I do I’ll let you know.
I’ve also decided against purchasing one of Malcolm Pryors DVDs. It’s probably a bit too costly especially with it being Christmas. Maybe I’ll consider it again in the new year.
No new trades today. At the moment there is nothing that seems terribly appealing to me. I’m in no hurry to trade anyway, I know that an opportunity will come along soon.
I was thinking of trying to develop a new strategy, with help from you, if that’s ok. It will mainly be for a bit of fun, but who knows maybe we’ll create a profitable strategy together. I’ve started a new forum post and added the first, of many, criteria for a trade setup. I’ve stipulated that we will buy only when price is above the 200 day EMA (Exponential moving average) and sell only when the price is below the 200 day EMA. Now I’m throwing it open to the floor. Add what you want, It’s on a first come first served basis, so you cant add conflicting conditions. Hopefully it will be a bit of fun and useful for us all to learn a little more on what is required to develop a strategy. Thanks in advance for your participation.
Until next time,
“May the markets be with you!”
Spread betting beginner
Well with the FTSE down another 50 odd points (so far) it’s not looking too rosy. It would seem that the resistance level around 5875 has thus far held true. The question is will the FTSE gain enough momentum go get up past it or will it continue to fall. I suspect it may be the latter. Taking a look at the chart it looks like a potential head and shoulders pattern has emerged or is in the process of emerging. Not a good sign. I suspect we could see a the FTSE trading between the 5000 – 5900 range before it makes a move either way. All that said I really have no idea. I’m only guessing what I think might happen, I don’t know for sure. One person does know what the FTSE is going to do! You’re intrigued now aren’t you. Tony Loton correctly predicted “It will fluctuate. That’s all we know “. Spot on!
Not surprisingly since, the FTSE dropped, some of my positions have dropped as well. Most notably Vodafone. It’s currently very close to it’s stop level. Will it stop out today? Maybe tomorrow? Maybe not at all. I am slightly concerned with it getting so close to it’s stop level that I will suffer slippage yet again. I guess we’ll know tomorrow what happens.
No new trades today. There is nothing that is appealing to me at the moment. There are a few orders that I may look to place. I read Tony Lotons blog post earlier and saw he’s either established new positions or has orders on for the Irish banks. I already have an order for Bank or Ireland set to buy at 14 with a stop set at 4. There is also allied Irish and Irish life which I’m considering placing orders for. They are all close to their all time lows and could potentially bounce of these levels as support. I haven’t decided what to do yet when I have I’ll let you know.
I’ve still had no reply from CMC markets about the Northern foods merger. I have to say I’m suitably unimpressed with their customer service so far. So much so that I am considering to switch spread betting companies to SpreadEx or SpreadCo. Maybe I’ll give Gekko a go as they offer factional bets. I was going to write about CMCs new charting tools that they have just added. It’s a step in the right direction but I personally think they have a long way to go.
Well that’s enough of that rant. Is it really that hard for the spread betting company to e-mail me back. I’ve sent three e-mails so far and I’ve had nothing. I’m just going to keep e-mailing them everyday until I get a response. They can’t ignore me forever, then again maybe they can.
Oh one last thing, I am thinking of possibly treating myself to one of Malcolm Pryors DVDs for X-mas. Does anyone have either of them? If so is it any good? If you have both which one would you recommend? I’m going to start a new forum topic so if you could post a reply there that would great thanks.
Until next time,
“May the markets be with you!”
Spread betting beginner
Well with the FTSE rebounding a bit today because of the bail out of the Irish republic it’s not been a bad day for my stocks. My pyramids in Debenhams and F & C Asset management are both showing a small profit. Obviously it’s not the end of the day yet so that could still change.
I had a little time today to look for new trades and I have made one new trade. I’ve gone long on Vodafone £1 per point at 168.175 with a stop set at 163.13. I was originally going to set my stop at 164 but when I entered the trade in my order ticket this was the stop position it gave me and I couldn’t be bothered to change it. This is not a super trend cross buy but it is a close to super trend stop buy. It’s basically the same as the strategy I’ve used for 3i infrastructure, Northern Foods etc. Essentially it’s the same conditions in which I would pyramid into an existing position except I don’t have any profit locked in. Also my stop value is below the super trend stop price initially with a view to move this as the position moves into profit. If you take a look at the chart for Vodafone I’m sure you will agree that visually the chart shows a strong uptrend recently. My aim is to get a piece of this continued upward move.
If you’ve read Malcolm Pryors The Financial Spread Betting Handbook: A Guide to Making Money Trading Spread Bets
I really like the super trend indicator and you can read my notes on it’s construction here. I’ve tried my best to explain each line of the code and give a general overview of how it works. I don’t know if I’ve done a great job but if there is anything you don’t understand or isn’t clear please let me know and I’ll to my best to explain it clearer.
I’ll probably try and add more on ATR at some point soon, as well as adding more on technical analysis and other indicators etc. There is so much I want to add but I just don’t get the time. I wish I could do this full time but unfortunately I have bills to pay, as we all do, and it’s the day job that covers those for the time being.
Since I’ve had no response about my Northern Foods question on the forum I posted the same question on the spread betting central forum. It would seem that no one really knows quite what happens here so I’ll have to e-mail my spread betting firm (CMC markets) to find out. I’ll let you know more when I know more.
I don’t know if any of you have heard of Martin Lewis, the “Money Saving Expert”, but he’s uncovered hidden links to heavily discounted products on Amazon. The discounts vary but apparently they are anything from 15% to 99%. I’ve selected some of the best categories that you might be interested in. I thought with Christmas not that far away some of these could come in handy. Anyway take a look by clicking on the links below.
There are more categories, if you want me to list them all I can. Just let me know.
Until next time,
“May the markets be with you!”
Spread betting beginner
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