Spread-ex Ipad Air offer - Novel trading ideas wanted!

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Hi Guys,

I am not one for these types of offers usually; but Spread-Ex is currently offering an Ipad Air if you make £400 worth of bets on the GBP/USD in the next 28 days.

I was going to buy an Ipad Air anyway, but it would be great to get it on the cheap.

I have worked out that I need to make 134 round turns if risking £1.50 per point.

That means I need to make roughly 7 trades a day. The thing is, I don't want the drag of the spread to be the predominant factor in my returns, so I am looking at giving each trade at least 12 pips room.

Any suggestions for a high turnover, good chance at a break-even or slight-loss strategy?

Your thoughts would be much appreciated!

Upon giving it more thought, the average daily range of the GBP/USD is about 100 pips...so if i give each trade 12 pips I'm not likely to get in 7 trades a day. Maybe a simple toss a coin...7 pip stop, 10 pips target? Perhaps it is not achievable.

Further update:

I have so far managed 11 trades and made £9! It is very lucky at this stage.. i need more structure.
 
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Ipad air is worth 350 anyway, not 400.

Having tried Spreadex, execution is quite good, you get positive slippage as well.

A scalping or HFT strategy is well suited to this offer.

I personally prefer EURUSD as it has a 1 pip spread, but you'll need 400 closed trades, which may be harder to achieve for some.

I'm currently using a countertrend strategy, 7 pip stop, 5 pip profit target.
 
Hi Hacks,

Many thanks for your input. I have ended up sticking with GBP/USD. I have been flicking a coin for buy and sells. 8 pip stop 5 pip profit target. So far done 73 trades out of 134 and have gained £34.00 profit. I have sometimes closed trades early. So far, so good!

Good luck to you.
 
Ha ha, in an effort to win an ipad you've discovered profitable trading. If you can keep your win/loss ratio at 61.5% or above, soon you'll be able to buy all the ipads you want. Who says you can't make money with random entry trading?
 
Just proves that most indicators are a load of rubbish.

By the way, I think the T&C say you need to place 200 round-turn trades of GBPUSD, not 134.
 
would you qualify if you just done one trade (opened and closed) at £400 per point on the GBPUSD?
 
Yes it would because the T&C give an example of a £10 a point trade and say that if you open and close it, £20 is contributed to your total.

Also they say total stakes not number of trades.

Sorry I think the OP is right, 134 trades @ 1.50 per point. Didn't think you could do fractional sizes on Spreadex.

But isn't it a bit risky at £400 per point? You're down £800 for an iPad worth £350. Unless of course you already trade this size.
 
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would you qualify if you just done one trade (opened and closed) at £400 per point on the GBPUSD?

You can do that if they let you place £400 per pip bets, I don't think they do though, £100 max? ...I have spoken to them on the phone clarifying all rules and in principle you can get to the £400 stakes any way you choose.
 
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