Diary of a swing spread better

[hungvir]

Hi Split,

Thank you. If only I heeded your advice (and mine ). But did Robbies Williams sing ''Life is too short to be afraid.''

It's funny, there's a Vietnamese saying that's litterally translated as "If you keep going in the dark, you'll eventually see ghosts.'' I saw one yester day. A gambler and a rule breaker got what he came for.

Good trading,

Hung

 

[hungvir]

An improved loss

I finally got out of my long DOW position with a loss of 191 quids. If I had the time to watch it, I could have got out at just 131 quids in the red. Time is money.

Back in again with a short position as yesterday's close has been breached.

 

[hungvir]

Already have 18 quids in profit. Will see how much I can get to offset today's loss.

 

[hungvir]

The DOW is moving towards 10930 level. If this support level is broken, it can fall all the way to 10900. Don't want to speculate about what if 10900 is broken. Will look to take profit around there.

 

[hungvir]

Three consecutive down days

It looks like we'll see another down day for the DOW. If there're enough bullish people, they'll buy in tomorrow as this is a very nice swing low to enter in an up trend. Provided, of course, the trend is still up. I myseld don't think it is.

 

[hungvir]

I am looking for the DOW sticker that can run at the bottom of the screen. Haven't found one but this detailed market report is good. http://news.moneycentral.msn.com/briefing/StockTicker.asp

 

[hungvir]

Attempting a climb

The DOW is trying to climb up. If it goes above the red line, I'll throw in the towel.

It looks like this kind of support level breaking down is more suitable for playing within the 20-30 minute time frame. This means big stake sizes to capture relatively small movement - scalping the DOW.

 

[hungvir]

That's it

Got out of the DOW to add to my string of losses. At least, I was strong enough to get out.

 

[hungvir]

False break out

The DOW has come back to below the red line again. But no more trades today. Will be interesting to see where it ends up though.

 

[hungvir]

Right and wrong

There's a fine line between right and wrong.

The DOW is back to the level that would have given me some profit. Still 90 minutes to go but it looks like it will surely be another down day.

 

[hungvir]

DOW closes higher

The DOW managed to have a higher close. It's almost yesterday once more in terms of chart patterns.

 

[hungvir]

CMC rudeness

It's the second time I was served by a rude customer rep at CMC in little more than a week. A short interogation on the phone made me think twice about maintaining an account with them. It may be time to move on.

 

[Splitlink]

It's the second time I was served by a rude customer rep at CMC in little more than a week. A short interogation on the phone made me think twice about maintaining an account with them. It may be time to move on.

Good evening, Hung.

You have had quite a busy day. I opened a long BP for 632.2. I'm, more or less, flat on the day.

Take care ( and don't annoy CMC! )

Split

 

[hungvir]

Hi Split,

I'll leave CMC alone Will close the account. I've had enough.

Tradingwise, I just have one short position on Reuters. Almost flat like your BP.

Good trading

Hung

 

[hungvir]

Playing the DOW

I think if I continue to watch the DOW everyday, I'll develop a good sense of where it is going to head next once certain support and resistance levels are breached. Such trades require constant attention for about half an hour. If I can't afford it, then I should not enter a trade at all.

I'll also have to think about how much room I should give a position to move around in. But in general, if the market moves against me as soon as I get into a trade, that's definitely not a good sign.

But if it moves in my favour, I should bear in mind that it can reverse its course soon enough.

 

[hungvir]

Taking stock

Three weeks into spread betting and I am down about 10 quids plus one open position showing a loss of 34 quids. All my profit has been eaten away and I must have made the spread betting companies quite a bit of money in spreads along the way.

I'll continue to focus on FTSE 100 stocks and the DOW. The good thing about trading the DOW is I have real time feed from ADVFN while it only offers delayed feed for the FTSE.

It's time to give my Finspreads account a try as I need smaller stakes now to avoid blowing out my account too soon.

The market looks like it is entering a sidesway phase and it's important to stay away from time to time or narrow trade time frame to minutes. Nobody knows what the market will do the next hour, let alone the next day for the last few days.

And when the market conditions are choppy, profits are rare and prescious. Take them early.

 

[Splitlink]

I'm a couple of points lower than I was last night

Split

 

[hungvir]

Same here, Split. But stop loss is less than 20 points away, so I am not worried.

 

[hungvir]

Two pounds for a good night sleep

I took a short position on the DOW today after it failed to break the resistance wall at around 11030. It did move down but just enough to cover the 6 point spread. Got out at two pound loss.

 

[hungvir]

Rank and Man Group

Hind sight is a great thing, and I should have shorted rank.

EMG has two down days already. If it goes down again tomorrow, I'll see if it's still the one for going long.