FTSE 100 Foolishness

Remember this? Having missed the opportunity to make some tidy profit in the FTSE 100 hourly markets on Monday through a lack of courage, I bravely stood my ground today - and lost!

Again, having heard the financial news on BBC Breakfast regarding another US bank rumoured to be in trouble, the early markets were falling - so the report went. So I quickly backed the FTSE 100 9:00-10:00 market to be down. £50 @ 2.00 with a number of smaller closing trades placed at various odds to lay off my liability.

As soon as 9:00 came, the first of those lays was taken, then the market headed south and never returned. I had decided before getting involved that I would get out for a £15 loss if things turned against me. Despite having numerous opportunities to get out for less, I stuck to my guns and 23 mins later I got out.

It was an interesting exercise in a market that I've only paid a cursory glance at in the past. I doubt that I'll try trading it any time soon. The spread between active odds on either side of the market is huge - 20 ticks at least. When the money moves in one direction, the other side of the market moves to maintain that distance. I didn't see any big spikes that would leap up, grab some action then drop again. So, although there was plenty of money in the market, very little was traded in those 23 mins.

So, on to the greyhounds and the fight to get that £15 pounds back. As usual, the main time for me trading these markets is the early shift from 11:00 to 14:00. Within 90 mins or so, I was back in profit for the day and eventually stopped for lunch at 2pm with approximately £25 earned from the dogs.

I popped in and out of the markets for the rest of the day, though the evening session was a complete waste of time as there was absolutely no money around. I presume everyone was more interested in the football tonight.

By the end of the day, I had traded 48 greyhound races losing money in only 6 of them at a cost of £7.10. I won a few pence short of a round £40 giving me a total profit for the day of £25. So I'm more than happy with that considering my foolishness first thing this morning.

Finally, I mentioned yesterday that I'd dropped my Betfair account to £250. I've taken a further £100 out as I'm simply not using it. It might as well be earning me interest rather than Betfair.

No comments: