How to become a millionaire! - November 1, 2010 by Harry

Well it looks like all our prayers have been answered. Vince Stanzione is going to make us all millionaires. All we need to do is invest £197 in his trading system.

 

I was reading a forum post over on spread betting central and I seen Vince himself has posted and included a link to his winning formula website. Now I can’t really pass comment on his trading system and I’m sure he’s made more money spread betting than I can ever dream of making, but all these trading system sites look the same too me. No offense to Vince but the design of all these sites just screams rip off. Also if Vince has made the millions that he claims why does he need to charge £197 for his trading system? Why not just keep making millions and millions spread betting? Or why not give away the information for free and do some other people some good since he has more than enough money any way.

 

Sorry for the rant, it just those sort of sites are all the same. It starts with an introduction, then its explains how you can do the same. Then it’s all the reports of other people copying them and making huge sums of money. Then come the copies of bank statements showing us proof of the money. Then the videos of all the people that have copied them and made a 90% return in a couple of months. The thing is they leave out all the bad parts. What about the people that have lost 90% in a couple of months , well it’s probably because they didn’t follow the system properly, right!

 

If I personally had made millions from spread betting I would share how I did it. You never know you could be witnessing the very start of that story. Not very probably but certainly possible.

 

Anyway enough about all that back to the business of trading. You may remember I said on Friday that I tried to move money from my old CMC account to my new one. Well for whatever reason they couldn’t do it and they still haven’t so my persimmon order didn’t exectue at my price of 341 because of lack of funds in the new account. I opened it in my old CMC account at 339.25. Saving myself a whopping £1.75. Still it’s a saving at least. My stop is still set for 331 so I’m only risking 8.25 rather than the £10 originally planned.

 

All my other positions are taking care of themselves. Debenhams has dropped back a little but EAGA is ticking up nicely. Interestingly I’ve just checked the chart for Persimmon and 339.25 is the same low price that was hit on 20/8/10, maybe it’s fate, or probably just pure luck.

 

I’m trying a fixed price trailing stop on EAGA currently set to 6pts. I’m keeping it tight for now until the position moves more into profit. I think I may look to employ a trailing stop based on ATR possibly 1.5x the ATR(14). I’ll leave it as it is for now and take a view on this over the next few days.

 

UPDATE: I’ve been looking at my open positions page (Which I’ve renamed spread betting trades). I think the new name makes more sense. Anyway, I’m not sure if I’ve done the right thing regarding the stop value. I am currently updating this when I move my stops. Should I just leave this as the original stop level? This way it will be possible to see the initial risk and the final P/L rather than just the final P/L? What do people think it’s best for me to do here? Please let me know. You can either leave me a comment below or contact me. Thanks!

 

ANOTHER UPDATE: I’ve only just noticed that bigAl60 has started his trading journal over on the forum. Incase you haven’t read it you can check it out here. If you want to reply or add a comment to his post then you will need to register here. Please do read his journal. It makes better reading than my trading at the moment!

 

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

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