Spread Betting Update w/e 10/11/06
I opened one new position this week, well 2 to be honest.
On Monday I decided to open a long position in December Gold and risk just £50. However, like an idiot I didn't take care when opening the position and ended up taking a position risking ten times that much.
When you trade Gold, each point is actually 0.1 of the quoted price. Therefore, if you buy at 600 and it moves to 610, that is 100 points, not 10.
Shortly after I placed the trade I realised the error I had made and so I closed it off immediately, losing 10 points in the process - which equates to £10.
I didn't feel comfortable with the risk of a £1 a point position with the limited capital I have so I swallowed the loss and then placed a new trade at a much more reasonable stake.
On the 8th (Wednesday), I received an email from Sandy Jadeja of Finspreads who basically said that Gold was in a down trend (meaning my long trade was probably going to lose money). I decided to keep my position open, I never did care for tipster's hints. We'll have to see what happens between now and expiry on the 27th November.
You can read more on the other blog:
Spread Betting, Finspreads and Sandy Jadeja
With the other positions I have had a good week, going from £21.46 down to... well, check it out for yourself:
Current standing as of 10th November 2006:
+£54.34
On Monday I decided to open a long position in December Gold and risk just £50. However, like an idiot I didn't take care when opening the position and ended up taking a position risking ten times that much.
When you trade Gold, each point is actually 0.1 of the quoted price. Therefore, if you buy at 600 and it moves to 610, that is 100 points, not 10.
Shortly after I placed the trade I realised the error I had made and so I closed it off immediately, losing 10 points in the process - which equates to £10.
I didn't feel comfortable with the risk of a £1 a point position with the limited capital I have so I swallowed the loss and then placed a new trade at a much more reasonable stake.
On the 8th (Wednesday), I received an email from Sandy Jadeja of Finspreads who basically said that Gold was in a down trend (meaning my long trade was probably going to lose money). I decided to keep my position open, I never did care for tipster's hints. We'll have to see what happens between now and expiry on the 27th November.
You can read more on the other blog:
Spread Betting, Finspreads and Sandy Jadeja
With the other positions I have had a good week, going from £21.46 down to... well, check it out for yourself:
| Trade Ref | £ per Point | Long/Short | Entry Price | Current Price | Current P/L |
| 10001 | 3.00 | Long | 138.80 | 142.5 | +11.10 |
| 10002 | 0.46 | Long | 737.80 | 794.60 | +26.12 |
| 10003 | 1.35 | Long | 247.50 | 275.7 | +38.07 |
| 10005 | 0.08 | Long | 4024.90 | 4149.2 | +9.94 |
| 10006 | 0.23 | Long | 1488.00 | 1409.0 | -18.17 |
| 10007 | 0.67 | Long | 475.60 | 474.1 | -1.00 |
| 10008 | 0.15 | Long | 2255.6 | 2168.9 | -13.00 |
| 10009 | 1.00 | Long | 342.2 | 340.4 | -1.80 |
| 10010 | 0.14 | Long | 627.5 | 629.7 | +3.08 |
Current standing as of 10th November 2006:
+£54.34
posted by Ben at 12:37 pm
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