You know how sometimes the spread betting companies ask for feedback on what features you would like to see introduced? Well, here is the suggestion that would be top of my Christmas 2012 wish list:
Guaranteed Trailing Stop Orders
After something of a love-hate relationship with them, I have once again become a fan of guaranteed stop orders. Top marks to the spread betting companies such as InterTrader, Capital Spreads, IG, SpreadEx, and (to some extent) ETX Capital and Spread Co who offer them. Bonus points to InterTrader and Capital Spreads for allowing you to apply guarantees retrospectively on existing stop orders.
I do like to trail my stop orders in line with rising prices, to lock in rising profits. And although I prefer to do this manually, taking account of support and resistance levels, it’s becoming unmanageable and time-consuming with the sheer number of position trades that I run. So top marks once again to the aforementioned spread betting companies, most if not all of whom provide trailing stop orders.
But there’s a problem, because — as far as I can tell — none of them support trailing guaranteed stop orders. The check-boxes on the order tickets are mutually exclusive, so you have to choose between guaranteed and trailing.
Now, if InterTrader or Capital Spreads (my favourites for stop orders) or IG (my favourite for wide range of equities offered) would grant me my wish of trailing guaranteed stop orders, I’d be shouting about it from the rooftops… and hopefully making more money with less effort to boot. Or maybe one of the other firms will step up on this one.
Two Steps to Better Spread Betting:
Disclaimer: this posting is for general education only; it is not trading advice.