After reading the pdf over on spread betting beginners forum (see yesterdays post), I think I finally got my head around when to start pyramiding into positions within my own account. So I reassessed my current open profitable positions and this morning I pyramid into 8 of them! Obviously by the end of play today the market dropped around 1% but not everday will be like this and fingers crossed a couple of those new pyramids will end up replicating my most successful one in ITV.
Like I mentioned before I think the aspect of when to pyramid has held me back a little with the position trading strategy, so sometimes I feel it may be showing a little less profit than maybe it should. Hopefully I will remedy that with my new found pyramiding confidence! Obviously it wont all be silver linings, as pyramiding into positions means I can now lose money twice as fast, but if I want to make any money in this spread betting malarky then I need to grab the cash cow by both horns and build that pyramid when my winning positions are edging ahead. The trend is your friend as they say!
No new sharetip trades for account 1 and no brand new positions established in account 2 either, but I have my eye on a trade in M&S for tomorrow - it fell again today and is nearly at a very long term support level, so I think I will get in there and see if it bounces straight off it for some quick profit with a pretty decent upside.
Happy trading!
No comments:
Post a Comment