I've just finished reading "bets in the city" by Sally Nicoll - A book which was written as a journal taking you through Sally's life as she begins her Spread Betting adventure, enclosing tips, "what not to do's" and more.
I won't say too much as you may not of read it yet, but its worth reading and has been my first insight into spread betting itself so far..
With some bits and bobs on Ebay for sale and some sold - If they actually turn up to collect/pay?? I should be starting my venture into spread betting very soon.
Using pennies, as you might of guessed?! I'm after more tips and tricks to help me get started if you have any.
Will keep you informed with how it goes when my accounts up and running.
Thanks,
Nick
5th Aug -
I have sold my record decks on Ebay and now have to money to invest in this new hobbie.
Karl Craig-West (owner and member of this site) has advised that I shouldn't open my account until I'm actually ready to bet - This because of the low cost bets you can place for the first months (Using pence rather than pounds).
With this in mind, I intend on keep my money to one side for a bit and watching patterns in the FTSE 350 market. This following company we all know ‘BP’, which has fallen by 14.00 and Bovis Homes as it has gone up 46.50.
From looking for research online about patterns I found an article where a Cambridge professor 'Xavier Gabaix' compares the market to natural Earthquakes. Finding patterns, but with crashes that are inevitable to foresee. Maybe a good way to think about the Stock Market, that you see ripple’s happening and follow (make your money), but there will always be unpredictable times when your sitting on the wrong financial 'tectonic plates' (Hopefully we placed our stop loss).
http://web.mit.edu/newsoffice/2003/powerlaw.html
From here I'm going to watch BP and Bovis homes placing imaginary bets and attend a Spead Betting meeting in Leicester this Thursday hopefully learning about some of the lingo used and gather more understanding.
8th Aug
I've been watching the BP and Hovis homes during this week watching the rises and falls in the market.
From looking at BP the shares, they fell on Tuesday morning from around 520 to 505 and from then have had three building steps upwards, where now falling again on Friday at a slower rate.
Hovis Homes has grown from around 350 on Monday up to 440 by today with a few drops on Wednesday and Thursday.
From what I can tell this particular market seems to be building up in a steady line ready for another increase??
The Traders Seminar was very useful to attend yesterday. I learnt various rules which should be applied when your spread betting to minimize loss.
I will explain this in my next blog coming Monday, where I'll place some imaginary bets on here and explain to you if I would of won/lost and how much by.
9:10am 11th Aug
Ok, I've been watching BP and Bovis Homes and now going to put down an imaginary bets to see if I can see which way the market could turn.
(This with a £1000 account)
BP -
Days range = 516 - 528 so far.
The pattern looks like it could be a "head and Shoulders" trend forming from Friday to today.
So lets guess its going to hit around 130 before it falls or evens out.
The bet -
%1 of the account = £100 (What I'm willing to lose)
Support is 516, resistance line 530.
(Support is the lowest it's been and resistance is the highest, that day, I think)
12 points potentially to play.
MY bet would be:
For the market to go down with a stop loss at 533,
Entering at 528 I would bet £20 a point.
Target earning of £240, this would have to drop back down to 516 without my stop loss being activated.
(This would be a days bet)
I will update this tonight to explain what would of happened to my money.
(Please note: this is not an ideal bet, I have chosen it as I've been watching BP. BUT you want to be placing money on spreads worth at least 3 times your risk, meaning it would need to be offering £300 in this case etc)
At the end of the day, this trade closed at 525.
This would have earned me - £60 had I placed the above bet down and pulled out at this stage.
21st Aug
I've just started a new job as a digital designer (web and more), so been pretty busy getting settled in - the first week just past.
I will place some new imaginary bets this week, seeing what happens when multiple trades are set.
BP, Bovis Homes and a few more to increase the odds.
Post new comment