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bigal60
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Post subject: The Journey Continues Part 23  Posted: Wed Feb 09, 2011 4:51 pm |
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Joined: Sat Nov 06, 2010 4:24 pm
Posts: 176
Location: Derby
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Hi
another fairly middling day with not a lot happening on the markets. Looks like the FTSE has more or less lost what it gained yesterday; my portfolio is 'drifting' a bit and is about another £30 down on the day. My portfolio is about 50/50 red/green so really hoping for a bit better tomorrow...
No stop outs today and 2 new contracts: RANGE RESOURCES and CAZA OIL AND GAS which are both pyramids. RANGE, in particular, is looking very promising and I have a total of £73/point riding on this share!
Account funds £2345 so still comfortably in profit (about £1500 or so). I'm biding my time because there will be a breakout this year (particularly commodities) so, as ever, it's just a matter of PATIENCE.
See ya, Big Al
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offthelip
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Post subject: Re: The Journey Continues Part 23 Posted: Wed Feb 09, 2011 6:17 pm |
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Joined: Fri Nov 05, 2010 8:31 am
Posts: 72
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If my calculations are correct if you have £73 a point on Range Resources which closed today at 4842p you have £73 * 4842 = £353174 exposure to this one company that is more than my house is worth !!! I would never dare to have that sort of exposure
I hope you have guaranteed stops on this because if the Black Swan event occurs things could turn nasty!!
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bigal60
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Post subject: Re: The Journey Continues Part 23 Posted: Wed Feb 09, 2011 10:09 pm |
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Joined: Sat Nov 06, 2010 4:24 pm
Posts: 176
Location: Derby
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Hi
RANGE RESOURCES (RRL) closing price today = 12.88p. I have 6 x contracts on this share and am currently approx. £250 in profit of which I have some £200 'locked' in...
Hope this helps..
Cheers, Big Al
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bigal60
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Post subject: Re: The Journey Continues Part 23 Posted: Wed Feb 09, 2011 10:25 pm |
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Joined: Sat Nov 06, 2010 4:24 pm
Posts: 176
Location: Derby
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Hi again
just been checking and I see you found RANGE RES CORP (RRC) which I believe is listed on the NYSE and finished the day at $47.84. Even in dollars that sort of price is way out of my level (LOL). Cheers, Big Al
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offthelip
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Post subject: Re: The Journey Continues Part 23 Posted: Wed Feb 09, 2011 11:38 pm |
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Joined: Fri Nov 05, 2010 8:31 am
Posts: 72
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That explains it, at 13p anything less than £10 a point isn't worth bothering about, £73 * 13 is still less than £1000, so I think you should have more in Range!! Actually this does highlight an important lesson; I have bet on the wrong instrument because I haven't checked exactly what it is that I pressed the button on!! It is very easy to end up on something with the same name on NYSE or Australia on anywhere if you just search on a name!!
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SB_Beginner
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Post subject: Re: The Journey Continues Part 23 Posted: Thu Feb 10, 2011 9:34 am |
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Joined: Wed Nov 03, 2010 9:10 pm
Posts: 147
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I guess that's one good thing about a spread betting company with a limited range of instruments to trade, It helps aviod things like this happening. Still I think once you've made that mistake once you won't make it again, especially if it was a losing trade. So I'd always opt for a spread betting firm with a wide range of instruments.
_________________ May the markets be with you! Harry, The Spread betting beginner
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SpreadBettingTrader
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Post subject: Re: The Journey Continues Part 23 Posted: Thu Feb 10, 2011 9:39 pm |
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Joined: Fri Nov 19, 2010 7:24 pm
Posts: 91
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offthelip wrote: That explains it, at 13p anything less than £10 a point isn't worth bothering about, £73 * 13 is still less than £1000, so I think you should have more in Range!! Actually this does highlight an important lesson; I have bet on the wrong instrument because I haven't checked exactly what it is that I pressed the button on!! It is very easy to end up on something with the same name on NYSE or Australia on anywhere if you just search on a name!! *Quickly double checks all his current open trades!!* 
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