'Counter' spread-bet on an open position?

[Cyreath]

Hiya All,

I wonder if any of you can provide some ideas around the below.

I'm using the Tradefair platform and am holding an open Sell position on 'Range Resources Rolling Daily' which closed for trading at 9.00pm Friday. The position is currently in profit and of course I was late home so didn't close it before the market closed at 9.00pm

Here's the issue, rumour abounds that Red Hot Penny Shares (RHPS) has tipped Range Resources (RRL) so first thing Monday we'll probably see a spike in the share price. Bad news for me as a) I have an open Sell spread bet and, b) it seems the RRL Rolling Daily opens at 2.30pm...

• Question 1) Can anyone confirm that this (or any) of the markets on Tradefair only open at 2.30pm? This seems really odd.
• Question 2) Is it possible or sensible to place an Order for a Buy position to counter possible losses on the Sell position? Would this close the Sell position? If the market opens at 2.30pm would it even be placed in the morning to act as a counter?

.

OK, that was about 5 questions :whistling

Thanks in advance,

Cy

RRL Forum where RHPS is being mentioned
http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:RRL.L&it=le

 

[gle101]

Hiya All,

I wonder if any of you can provide some ideas around the below.

I'm using the Tradefair platform and am holding an open Sell position on 'Range Resources Rolling Daily' which closed for trading at 9.00pm Friday. The position is currently in profit and of course I was late home so didn't close it before the market closed at 9.00pm

Here's the issue, rumour abounds that Red Hot Penny Shares (RHPS) has tipped Range Resources (RRL) so first thing Monday we'll probably see a spike in the share price. Bad news for me as a) I have an open Sell spread bet and, b) it seems the RRL Rolling Daily opens at 2.30pm...

• Question 1) Can anyone confirm that this (or any) of the markets on Tradefair only open at 2.30pm? This seems really odd.
• Question 2) Is it possible or sensible to place an Order for a Buy position to counter possible losses on the Sell position? Would this close the Sell position? If the market opens at 2.30pm would it even be placed in the morning to act as a counter?

.

OK, that was about 5 questions :whistling

Thanks in advance,

Cy

RRL Forum where RHPS is being mentioned
http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:RRL.L&it=le

Holding a position over the weekend is always tricky. Yes, you can hedge your positions with some of the SB companies. I believe IG, Worldspreads, GFT? and Smartlivemarkets definitely (MT4 platform) have this feature. Hedging possibilities should always be an option seen from a risk management viewpoint , if not with the same company, some others SB provider should be up and running.

 

[montmorencyt2w]

I am fairly sure Tradefair does not allow direct hedging in this manner, i.e. opening a new buy for the same amount would close any existing sell. I think I asked them this by email in the early days of my account.


When you have a more or less predictably ranging instrument, this should in theory be a great way to trade.

I used to do something like this with Bund and Bobl, since they were pretty highly correlated. However, I came a bit unstuck when the correlation slipped a bit

I also tried direct hedging using another SB account; it wasn't quite as simple as I'd hoped though