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Managing Your Spread Betting Account |
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Financial spread betting should never come before anything else in your life. Also, whoever you are, it is not always possible to be in front of the trading platform when a trading decision needs to be made.
Cutting your losses and letting your profits run is a wonderful idea in theory, but how can you maintain that level of control over your spread betting account when you are away from the trading platform?
Here, spread betting company City Index looks at how to manage your spread bets around your everyday life.
Managing Your Spread Betting Account: Stop Losses and Limit Orders
Some spread betting traders focus their technical analysis on finding the perfect entry price point for their spread bet. Whilst this is important, two equally crucial elements in spread betting are your stake size and the price at which you plan to exit the spread bet.
Concentrating on your stop losses and profit targets just as much as your entry to the spread bet can be an effective way of managing your trading away from a computer. It means that you do not always need to be there to make a profit or restrict a loss.
Limit orders play a large part in this, limit orders lock in target profits by automatically closing a winning trade once a market passes a trigger value set by you.
For example, if you bought £2 per point of the UK 100 at 5,000, and then set your limit order to 5,200, you would automatically make a profit of £400 (5,200-5,000 x £2) should the UK index then reach 5,200, regardless of whether or not you were logged into the trading platform at the time.
Managing Your Spread Betting Account: Mobile Spread Betting
City Index launched the first Apple-approved spread betting iPhone application in October 2009 and the company’s Market Strategist Joshua Raymond believes that the ensuing success of the City TradingTM app, City Index won ‘Best Mobile Trading Platform’ at the 2010 Money AM Finance Awards, is down to the greater level of autonomy it allows traders.
“Giving spread bettors the ability to trade whenever they want and wherever they are is completely where we feel the industry is going. No longer are you restricted to making spread bets in front of the computer.”
With wider internet access and rising connection speeds, the flexibility of iPhone spread betting and mobile trading platforms can allow you to make use of trading time that you did not know you had.
Lengthy train journeys and coffee shop queues can be transformed into time spent researching market movements, analysing charts or even opening and closing positions.
Managing Your Spread Betting Account: Timeframes
Having the ability to react quickly to market movements can make a significant difference in short-term spread betting.
For this reason, unless you have constant access to a trading platform and your spread betting account, it may be worth considering more medium to long-term spread betting.
For a short-term trader apart from a trading platform, there can be a lot of pressure to frequently check the markets, and this can lead to spread betting mistakes and indecision.
Ultimately, financial spread betting in any form requires the trader to employ effective risk management tools and stay in tune with the financial markets on which they are trading.
City Index Account:
Spread betting and CFD trading are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks. Please seek independent advice if necessary.
Head and Registered Office: Park House, 16 Finsbury Circus, London, EC2M 7EB. City Index Limited is a company registered in England and Wales, number: 1761813. Authorised and Regulated by the Financial Services Authority. FSA Register Number: 113942.
Apple, the Apple logo, iPod, iPod touch, and iTunes are trademarks of Apple Inc., registered in the U.S. and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc.
Managing Your Spread Betting Account - edited by MJ, 17 October 2011.
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With spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital so please familiarise yourself with the risks that are involved and, before trading, ensure that spread betting matches your investment objectives. Seek independent advice where necessary.
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* Based on current UK tax law. Tax law may change and can differ depending on your personal circumstances.
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