At the start of the week my account was down overall to £1997.06. Me spread betting strategies target is to breakeven by the time I am made redundant so I wasn’t too disappointed. This week did go better.
At the start of the week I set up 20 trades so there was a lot of action to be had this week which showed in how the account balance fluctuated. After starting at £1997.06 it recovered to £2009.62, then fell to £1985.22 before finishing the week at £2014.61. I have to say I am happy about that.
The four that were already in play at the beginning of the week.
Tesco which closed at 418 (bought at 390)
Filtrona which closed at 180 (bought at 168.35)
Vodafone which closed at 135.8 (bought at 137.5)
The fourth was Friends Provident. They were bought on the 5/11/09 so not too sure what happens with my holding at the moment, I will have to check that out and let you know in the next post.
If they weren’t bought I was wondering what to do with the trade anyway. The sector they were in moved from an upward trend to a sideward market. I need to be clearer about my exit strategy on these.
Six other trades identified by my Spread Betting Strategies were executed last week. These were…
BT bought @ 137.34 (closed 137.8)
Kingfisher @ 238.24 (closed 234.9)
PZ Cussons @ 260.38 (closed 256.2)
Mothercare @ 598.4 (closed 606.5)
Melrose @ 186.82 (closed 187.2)
The final one was Pace, this was executed at 236.66 (above my stop order of 230.5) and was stopped out the next day at 217.31. This gives me something the think about. The spread betting strategies I’m using mean I should only risk £20 per trade. Because the price opened above the stop order I am therefore automatically risking more than the £20 as my stop loss is fixed. Perhaps I should think about risking less, may be £15 per trade, so in reality I don’t lose more than £20. Overall I lost £27.09 on this trade.
So overall, good week but with a few things to take on board. I have set up my trades for this week and I will post these later in the week. As with last week there are lots of trades that I’ve set up. My spread betting strategies mean I buy the trend on the pull back, again last week a lot of shares had a pullback. Will they revert to their upward trend or is it the end of the trend?