Spread-ex Ipad Air offer - Novel trading ideas wanted!

[I'vereadthemall]

Hi Guys,

I am not one for these types of offers usually; but Spread-Ex is currently offering an Ipad Air if you make £400 worth of bets on the GBP/USD in the next 28 days.

I was going to buy an Ipad Air anyway, but it would be great to get it on the cheap.

I have worked out that I need to make 134 round turns if risking £1.50 per point.

That means I need to make roughly 7 trades a day. The thing is, I don't want the drag of the spread to be the predominant factor in my returns, so I am looking at giving each trade at least 12 pips room.

Any suggestions for a high turnover, good chance at a break-even or slight-loss strategy?

Your thoughts would be much appreciated!

Upon giving it more thought, the average daily range of the GBP/USD is about 100 pips...so if i give each trade 12 pips I'm not likely to get in 7 trades a day. Maybe a simple toss a coin...7 pip stop, 10 pips target? Perhaps it is not achievable.

Further update:

I have so far managed 11 trades and made £9! It is very lucky at this stage.. i need more structure.

 

[hacks]

Ipad air is worth 350 anyway, not 400.

Having tried Spreadex, execution is quite good, you get positive slippage as well.

A scalping or HFT strategy is well suited to this offer.

I personally prefer EURUSD as it has a 1 pip spread, but you'll need 400 closed trades, which may be harder to achieve for some.

I'm currently using a countertrend strategy, 7 pip stop, 5 pip profit target.

 

[I'vereadthemall]

Hi Hacks,

Many thanks for your input. I have ended up sticking with GBP/USD. I have been flicking a coin for buy and sells. 8 pip stop 5 pip profit target. So far done 73 trades out of 134 and have gained £34.00 profit. I have sometimes closed trades early. So far, so good!

Good luck to you.

 

[PualoP]

Ha ha, in an effort to win an ipad you've discovered profitable trading. If you can keep your win/loss ratio at 61.5% or above, soon you'll be able to buy all the ipads you want. Who says you can't make money with random entry trading?

 

[hacks]

Just proves that most indicators are a load of rubbish.

By the way, I think the T&C say you need to place 200 round-turn trades of GBPUSD, not 134.

 

[piggybridges]

would you qualify if you just done one trade (opened and closed) at £400 per point on the GBPUSD?

 

[hacks]

Yes it would because the T&C give an example of a £10 a point trade and say that if you open and close it, £20 is contributed to your total.

Also they say total stakes not number of trades.

Sorry I think the OP is right, 134 trades @ 1.50 per point. Didn't think you could do fractional sizes on Spreadex.

But isn't it a bit risky at £400 per point? You're down £800 for an iPad worth £350. Unless of course you already trade this size.

 

[I'vereadthemall]

would you qualify if you just done one trade (opened and closed) at £400 per point on the GBPUSD?

You can do that if they let you place £400 per pip bets, I don't think they do though, £100 max? ...I have spoken to them on the phone clarifying all rules and in principle you can get to the £400 stakes any way you choose.