Hi, this is going to be a blog documenting my spread betting account; the bets I take, the reasons I take them, the lessons I learn from them and of course my profit/loss. I will be updating the blog when bets/trades close, I'm betting off daily charts so this might be sporadic.
I am currently betting only on UK and US stocks but have no qualms in betting other markets. For those of you who are interested, my method of trading is entirely price action based. My charts are naked (no indicators) with the exception of horizontal lines that I believe mark objective levels of supply and demand. I wait for price to get to these levels, shorting at supply and buying at demand.
As I'm trading daily charts I'm pretty much an EOD (End Of Day) trader. I do my prep in the evening when the markets are closed and will place orders then, provided the spread at that time doesn't eat too much of my profit potential. If the spread is an issue I will buy on the open of the market when the spread is more reasonable. I am looking for a minimum of 2:1 on my bets, risk 1 to get 2 in return.
I monitor my open bets at the end of day. I find that watching open positions triggers my emotions and anytime I am emotional I am not objective, which is the only mindset I wish to be in when speculating. This does not mean I don't still make rash decisions (a recent Sports Direct short is likely a good example of this), but hopefully far less of them. If I exit a bet discretionary (before my stop or limit is met) I will update that post at a later date to confirm whether it was a good or bad decision and why.
The equipment I use is very simple, a laptop with broadband, tradingview.com to monitor my US stock watchlist and ETX capital (my spreadbet account) to monitor the UK stocks. The reason they are separate is because tradingview.com does not offer realtime UK data. All bets are placed on ETX.
Any questions. or anyone else doing something similar, drop me a line or leave a comment, it would be good to hear from you.
I am currently betting only on UK and US stocks but have no qualms in betting other markets. For those of you who are interested, my method of trading is entirely price action based. My charts are naked (no indicators) with the exception of horizontal lines that I believe mark objective levels of supply and demand. I wait for price to get to these levels, shorting at supply and buying at demand.
As I'm trading daily charts I'm pretty much an EOD (End Of Day) trader. I do my prep in the evening when the markets are closed and will place orders then, provided the spread at that time doesn't eat too much of my profit potential. If the spread is an issue I will buy on the open of the market when the spread is more reasonable. I am looking for a minimum of 2:1 on my bets, risk 1 to get 2 in return.
I monitor my open bets at the end of day. I find that watching open positions triggers my emotions and anytime I am emotional I am not objective, which is the only mindset I wish to be in when speculating. This does not mean I don't still make rash decisions (a recent Sports Direct short is likely a good example of this), but hopefully far less of them. If I exit a bet discretionary (before my stop or limit is met) I will update that post at a later date to confirm whether it was a good or bad decision and why.
The equipment I use is very simple, a laptop with broadband, tradingview.com to monitor my US stock watchlist and ETX capital (my spreadbet account) to monitor the UK stocks. The reason they are separate is because tradingview.com does not offer realtime UK data. All bets are placed on ETX.
Any questions. or anyone else doing something similar, drop me a line or leave a comment, it would be good to hear from you.
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