I've started spread betting on individual shares in the FTSE 100 short and long. I usually hold them overnight for 2-3 days so I need a good stop loss. I'm struggling to find the best place to set my stop loss. As you can imagine I want to:
1. Close my position if the share is going against me...
For individual shares in the FTSE 100 I've seen so many quotes for spread size quoting 1 pip or 0.1% yet when I go into demo accounts for the various companies the spread is usually about 0.3% of the underlying value e.g.
buy 1008.6, sell 1005.4
1008.6-1005.4 = 3.2
£3.20 = ~0.3% of £1000...