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Some threads seem to have disappeared, how does that happen?
Anyway, I'll try again.
It's June 2021, everybody's forgotten about Covid 19, Brent is trading between $60and $70 and the TLW sp is ...???
Will it be worth holding onto my £5,040/pt. spreadbet until then?
I did have an account with IG for about 3 weeks back in Dec 2017 into Jan 2018 along with seven other spreadbet firms in an effort to spread around a large position in BT but I closed all of them except cmc as they have the clearest interface esp regarding costs and account positions.
Yes I did panic but look at the timing and that funding charge is crazy. I've never seen a 180% charge I know it can fluctuate, WTI is around 23% for longs.
Then there was that Yen spike on Jan 2nd last year, Yes you guessed it. I had one of my biggest position ever in USD/jpy long and because it was so large I put in graduated stop losses, some thing I never use. It went straight through those in 5 minutes from around 1.09 down to 1.04. £35,000 gone in 5 minutes and it would have recovered all that loss and more by the following afternoon if I hadn't used stop losses, Unbelieveable surely!!
Just as an example how the gods conspire to do me.
Last week I had a £70/pt long on brent cash around the $23 level. The overnight funding charge suddenly changed from receiving 6.8% p.a. to paying 180% pa which meant I paid £790 for just one overnight hold. I panicked in case the poo fell further and I would then be committed to another daily charge of £790. As a result ,not only did I take a hefty loss, but missed out on that spectacular rise in brent. Unbelieveable!!
ok folks, i'm in but I gotta warn you my record at this is abysmal so I've probably jinxed longs here.
I've picked TLW as my last hope to recover horrendous losses spreadbetting, It's an out and out gamble but that's what I have basically been doing since I started.
The intention is to hold for the medium term but if (when) it falls badly I'll probably panic and sell out, At that point all longs can relax as ,undoubtedly , TLW will then begin it's relentless rise back to previous levels that all underwater longs are praying for.
At the moment I've a £1,200 per point spreadbet (ave. 25.2p) but hoping to get to around £4,000/point. At £4,000 I'll still need 58p to b/e. I'm adding at £50/pt. as the spread is very wide on bigger amounts.
GLA
Stokie,
That's probably the charge for over the weekend so it's likely to be a third of that everyday. Last week I held a £70/point long on brent and when the future contract changed, which they use to calculate the overnight holding charge, I was charged £790 for that day as the rate had changed from receiving 6.8% to paying 180%!!