Can somebody tell me why this hasn’t gone into profit yet even though it dropped down to 38 and I bought at 41 something and it passed my take profit and didn’t close did anyone make any suggestions please
is this a short sell?
seems like spread is very big
I assume because you took a short position and the buy price is at 49.29
So you need the buy where it’s currently marked in purple to go below the dotted line.
To help out further if you Buy then you are wanting the price to go up, so you need the bid above the ask you paid.
If you go short and hit Sell like you did then you wanting the opposite. So you want the ask to go down below the bid you received. If you use the desktop you can switch to showing the ask plotted to help in closing the position.
This is an enormous spread, I’d be surprised if you see any profit on this.
Unless I’m missing something you should be using your practice account to iron out these simple mistakes and t212 ask you to declare that you understand cfd trading before your allowed so why have you catapulted yourself into this situation?
Use the practice account lose some fake money and then exercise extreme caution in the real money account.
+Avoid stocks with a spread like this
+use your practise account
+avoid stocks with a spread like this
+use your practise account
It will need to be in the low 30’s for you to make a profit
Christ that spread is horrific.
Always check the spread! This stock is going to have to tank for you to make any profit on a short position.
So whilst still large, the 8 is not the usual.
The main thing the OP is getting confused about is using the SELL button, and then also looking at the SELL plotted 41.52.
It’s like if you went long, you need to look at the sell (bid) price. Going short you need to look at the buy (ask) price.
Yes short. Or sell position
Guess I need to get a copy of all spred before. As I have generally just traded oil & ng in main was unaware of the expense that came with that one and home remit.
I will put it down as a lesson and hopefully it will still stay below for some time to ween myself some profit.
So You’re saying that the bye line (price) is the target before the profit can be triggered?
Yeah so if you hit the SELL button to go short you are wanting the buy price to go down.
You are essentially saying I take X shares now, wait for the price to go down and then close to buy them cheaper. Hand back the shares and keep the profit.
Think of it like the opposite to going long.
If you BUY shares then you’ll be looking at the sell price to sell.
If you SELL you’ll then be looking at the buy price instead.
The app only plots the BID in CFD, that why you see 41.52 being plotted.
So you are going short and looking at the bid which doesn’t make sense. It’s the equivalent of buying and then looking at the buy price again to close your position.
If you switch to desktop mode you can swap the chart to show the ASK plotted instead. And/or toggle both lines to see the spread like my screenshot above.
It’s a massive spread I think it would catch most people out, if your going to do a trade like that use the practice and then your buy/sell line will show the mistake your about to make. I often use my practise account to familiarise myself with the stock before I buy it, sometimes in the heat of the moment we only see what we want to see
Thank you for confirming how to trade, lol
I will take the ask price from your post.
So I thank you for that,
in the best possible jolly reply
The spread is on the stock sheet? It shows the difference between buy and sell which is the spread?
I wasn’t meaning to be condescending if that came across
The app is rubbish for going short as you can’t flip the chart. You can’t see TP and SL plotted and you can’t drag them about.
If you use the desktop, right click and you can change to BUY price plotted after you open your SELL position.
If you also toggle both lines then you can watch the usual spread for a bit before diving in.
I think they presume if your smart enough to short a stock your smart enough to understand the spread
It’s all good thank you.
no offence received or given by yourself,
Your points are very appropriate as others could/will find useful. Even if I didn’t
@Alecfb Phil gives nothing but good advice throughout this forum, many many investors have benefitted from his excellent knowledge of charts and stocks in general.
Just because you don’t like what you are hearing doesn’t mean its not useful advice/help.
My advice remains the same use the practise account until mistakes like this have been ironed out, then add funds to your real money account.
Make the trade on your practise account and if your happy with what you see make the same or the trade you’ve learnt from it in the real money account.
I have many times made a trade in the practise account lost money and then bought back in at the perfect dip point in my real money account through the failure in practise. Its far more use than you might think.
Feather your money in rather than dump it all in at once, this will eliminate the pressure to succeed from your investments and make you less likely to fail overall.
I’m sure if you keep using this forum long term Phil Dawson will likely be one of your top go to people for help so although he’s unlikely to bite back to your negative unhelpful comments take care in what you say regardless of how you feel in the moment
I do thank you for saying how you feel about my actions,
I came over from oanda platform because it didn’t integrate with trading view.
I will definitely be using this forum for years to come, I did not intend to insult or be negative though I’m sure from what you said I have been.
@phildawson Phil I’m sorry I’ve offended you,
not checking what the spread price was is a complete beginner mistake.
That I happened to do twice on that day, also Home reit £10 for £7 stake.
Thank you for pointing out my mistake and how it can be resolved so this dose not happen again for me.
Hope the future will be more positive interactions.