Posts Tagged ‘cfd trading’

Hedging you Portfolio through CFDs

Friday, October 1st, 2010

Hedging your Portfolio through CFDs

Markets have surged this month, recovering from one of the worst August performances for a decade, however they are now trading at key resistance levels with the ASX backing off the top of the trading range that has been in place for the past six months. Because of this market activity, prudent investors may like to take this opportunity to take out some insurance on their portfolio using a hedging strategy.

What is Hedging?

Hedging is a risk management strategy that traders and investors use to limit and/or offset their position from the probability of loss from fluctuations in the prices of their current holdings, this involves taking an equal and opposite position.

Investors may wish to hedge their existing portfolio so that they can still be eligible for the dividends due for the individual parcel(s) of stock, or so that you do not realize the underlying capital gains of the stock portfolio.

The Case for Hedging Your Portfolio

The ASX market has struggled to make a new high this week, for the first time in a month investors are facing some headwinds including: Asian markets being focused on Japan’s expensive currency and China’s commitment to tighten money supply; Europeans refocusing on their sovereign debt problems; the end of the Aussie dividend season; the RBA signaling an interest rate hike, and mixed investor sentiment and economic data from overseas markets.

Overseas data is also pointing to a faltering economic recovery with the US Fed and the Bank of England (BoE) hinting at further quantitative easing, and European investors are spooked again over the sovereign debt concerns which are resurfacing for the PIIGS economies.

Markets look set to avoid the dreaded “double-dip” near-term, but we do expect some weakness into October. We expect the 4650 to 4700 levels to remain at key resistance near-term and because of this suggest that investors should take this opportunity to protect their portfolios as we move close to the seasonally weak month of October.

In this article we will illustrate how you can insure your portfolio by using CFDs to hedge your portfolio position.

Hedge Position Using Index CFD

Hedging involves taking an equal and opposite position to your current portfolio position. Hedging your position using index CFDs means that you can hedge against a fall in the value of your portfolio, if the market does retrace. Please also note that because your portfolio is made up of a limited number of individual share parcels, the change in the value of your share portfolio will not exactly match the movement if the Index CFD. The Australian AU200 Index CFD mirrors the performance of the S&P200 stocks.

Please find below an example:

If you have a $50,000 portfolio of shares and you believe that the Australian share market is set to fall, especially since we are now trading into the seasonally weak October period, you can hedge your portfolio using the Australian AU200 Index CFD, which is currently bid at 4600.0.

This can be achieved by Selling 11 AU200 Index CFDs at 4600.0, which is approximately equivalent to the $50,000 portfolio of stocks, requiring an Initial Margin of 5%, as detailed below.

Trade Calculations:

Trade Calculations

There are no commissions charged on Index CFDs and as this CFD is trading over an underlying futures contract, there is no funding interest to be applied to the CFD position, as it is already priced in the futures contract.

Possible Outcomes

There are two possible outcomes that can arise from the above example:

1) The market falls:
If the market falls to be offered at 4500.0 by mid-October, then the AU200 Index CFD can be repurchased, to record a profit of $1,100 on the CFD position, even though your portfolio of shares will have devalued by a similar amount.

2) The market rises:
If the market rises by say 100 points to be offered at 4700.0 by the end-of-October, and you feel that the market will continue to rise, then the AU200 Index CFD can be repurchased, to record a loss of $1,100 on the CFD position. However your portfolio of shares will have likely increased in value by a similar amount.

Conclusion

Hedging is all about risk management and traders and investors should consider this strategy if they feel the market is due for a pullback, so as to limit the possibility of loss from the fluctuation in the value of their current holdings.

For more information on CFDs you can contact our CFD trading desk on 1800 853 856 or you can visit our website.

By Michael Hevern
Head of Research

The information provided within this blog is general advice only and you should consult the services of a financial professional in order to ascertain whether the information is applicable to your investment strategies and risk profile.

Risk Disclaimer
Be aware that CFDs are leveraged products which carry a high level of risk to your capital, as it is possible to incur losses that exceed your initial investment. Therefore CFDs may not be suitable for your level of acceptable investment risk. Before proceeding with CFD trading, ensure you fully understand the risks involved, otherwise seek independent financial advice.

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Tips For Trading Long or Short With CFDs

Friday, September 24th, 2010

CFDs offer the ability to trade both long or short and it is a great idea to take advantage of this opportunity. It’s another tool added to the tool box, because trying to trade shares when the market is in a heavy down trend is a recipe for disaster. If the only tool you have in your tool box is a hammer all problems start to look like nails. CFDs allow a much more flexible approach to market conditions.

Trade in the Direction of the Trend

Trade in the direction of the trend is a rule that is widely touted in the stock market, but what happens when that trend is down? Share traders are forced to sit on the sidelines until things improve, but CFDs come into their own. A simple measure like a moving average can be used to determine the underlying security’s direction. And trades can then be taken on the appropriate side of the market.

Market Analyser Image 1

You can use the power of CFDs to align yourself with the market direction at any time. While it is possible to trade against the trend, it is much easier trading with it. Unlike in shares, with CFDs there will always be an opportunity to trade somewhere.

Market Analyser Image 2

Looking at the chart you can see that while FLT was in a down trend there were certainly short term trading opportunities as it bounced higher, but the bigger moves occurred in the direction of the trend. CFDs allow you to align your trading with the market when it is falling and profit from these moves.

Net Long or Net Short

Another point to take into consideration with CFDs is your total net long or net short position at any time. As the market trends strongly in one direction it is very easy to build a large number of trades with the trend. Your account then becomes very susceptible to a sharp market reversal. If you are holding ten positions long and your risk on each trade is set at 10% of the $10,000 face value, a sharp reversal can wipe out 10 x 10% which is 100% of the $10,000.

So to minimise the impact of a reversal there are two options. You can place a limit on the number of positions that are held at any time or you can open both long and short positions simultaneously. The long positions are held in the strongest sectors or shares while the short positions are held in the weakest sectors or shares. The stronger shares should rise faster than the weaker shares if the market continues to rise and vice versa when the market falls. In the event a sharp reversal occurs then your long positions will still drop in value, while the short positions will gain making the impact less. Consider a mixed portfolio of both long and short positions to minimise your risk.

For those not trading shares, but looking at other markets there are relationships between US market indices and Australian indices, bonds and shares, US dollar and oil and US dollar and gold to name a few. By entering positions long and short in similar markets or diversifying into markets that are not related to each other you can minimise the impact of a sharp reversal on your whole portfolio.

By Jeff Cartridge
Education Manager

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The information provided within this blog is general advice only and you should consult the services of a financial professional in order to ascertain whether the information is applicable to your investment strategies and risk profile.

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CFD Trading: Pairs Trading With CFDs

Friday, July 16th, 2010

If you have been struggling with the volatility in your trading accounts lately then perhaps it is time to take a look at pairs trading using CFDs. Pairs trading can dramatically reduce the impact of daily market swings on your account, is market neutral and can deliver profits in both a rising and falling markets.

What is Pairs Trading?

Pairs trading involves buying one share (trading long) and selling a second share (trading short). The long position in one share is matched with a similar sized short position in another share. If you believe BHP will outperform RIO, then you could buy $50,000 BHP and sell $50,000 of RIO. You then profit from the difference in performance between the two shares.

Buy the share/s that you believe are stronger and sell the share/s that you believe are weaker. If the market rises, all shares are likely to rise but the strong share should rise more than the weak share. This reverses when the market falls because the weak share is likely to fall faster than the strong share. This strategy will usually under perform a straight long position when the market is rising but will minimise losses when the market falls.

Trading currency is one form of pairs trading because a currency is always traded in relationship to another currency. Traders can trade the relationship between the Australian dollar and the United States dollar. If your view was that the US dollar was going to outperform the Australian dollar, then you would buy the US dollar and sell the Australian dollar to the same dollar value. Your profit or loss is then dependent on the relative performance of the two currencies and is unrelated to the performance of either currency to another currency, for example, the Euro.

When pairs trading using CFDs you will receive interest on the share that you have sold short and you will have to pay interest on the share that you have bought for the long position. For example if the interest charged is the RBA base rate + 2 per cent on long positions and RBA base rate – 2 per cent on short positions, your net interest charge will be the difference of 4 per cent when using this strategy.

The Market Analyser software has two very useful charting features that can assist with your pairs trading. The obvious “Pair chart” displays the red line below the graph showing the relationship of the two shares. The “Overlay chart” draws the chart of the second share as a line on the original share. In the example below the base chart is BHP and the overlay is RIO.

Market Analyser Chart: BHP and RIO

From studying this chart it becomes clear that BHP and RIO follow each other fairly closely, most of the time, but there are times when the two charts diverge. At the very right of the chart BHP has been underperforming RIO, which can be seen by the pairs chart in the lower screen falling away during June. At the same time the overlay chart of RIO is moving higher more rapidly than BHP. This is reversing the out performance of BHP through May, where BHP fell less than RIO did. If you were long BHP and short RIO you would have made money in May, but lost money in June. It is important that the pairs chart in the lower window is rising or falling for you to make money, it is unimportant what the price is actually doing.

Pairs Chart: BHP and RIO

Pairs trading can provide you with the opportunity to profit from differences in the performance of two shares when trading with CFDs. Market Analyser has two tools that can assist you to find opportunities to pairs trade, by plotting the relative performance of the shares you are interested in. CFDs are the ideal instrument to use for pairs trading as CFDs can be easily short sold. In addition to this pairs trading with CFDs reduces the volatility and can smooth out your overall returns.

By Jeff Cartridge
Education Manager

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Risk Disclaimer

Be aware that CFDs are leveraged products which carry a high level of risk to your capital, as it is possible to incur losses that exceed your initial investment. Therefore CFDs may not be suitable for your level of acceptable investment risk. Before proceeding with CFD trading, ensure you fully understand the risks involved, otherwise seek independent financial advice

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CFD Trading: Seasonal Weakness and Contracts for Difference (CFDS)

Friday, July 2nd, 2010

CFD Trading: Seasonal Weakness and Contracts for Difference (CFDs)

Seasonal Weakness – Historical Patterns

The markets have certainly been weak lately, falling to new lows day after day into the end of the financial year. This drop is not unusual, with seasonal weakness showing up during June each year. Maybe it is investors realising losses before the year end or raising funds to prepay interest on investment loans that has this downward effect on the market. If we take a look at the history of seasonal tendencies then this year is right on track with previous years and the pattern they play out. Look at the chart below which shows the regular pattern of the markets that have occurred historically. Weakness through May and June is normal and not something unusual at all. Even the bounce in mid June played out as expected from studying these historical patterns.

S&P ASX 200 Seasonal Chart

On the bright side however, July and August look much stronger from a seasonal perspective. Newly invested funds and superannuation are often put to work in early July, giving the stock market a lift at this time. But is it different this year?

Currently global growth is suffering and governments world wide are loaded with debt. Are we going to see a strong rally through July as we have in the past?

The best clues to this will be the price action going forward. Seasonal patterns are what “typically happen”, but are not a guarantee of future performance. If there is a significant deviation from this road map then that is sign of a bigger cycle in play and that the challenges facing the world’s economy may be more serious than first thought.

Consider 2008 (brown line on the chart below) when the July – August rally failed to materialise, and falls continued into early July, before moving sideways through August and gathering downside momentum in September and October 2008.

S&P ASX 200 Seasonal Chart2

While hindsight is a wonderful thing, the seasonal patterns here were known well in advance, in fact since January this year. So what can you do when the seasonal patterns turn negative or, more importantly, if the expected rally fails to materialise? This is when you could consider using Contracts for Difference (CFDs) to protect your portfolio or profit during these periods of market weakness.

Contracts for Difference (CFDs)

One of the key advantages of Contracts for Difference is the ability to short sell easily and efficiently. If you currently own shares you can short sell a CFD on the index to protect the value of your shares. Even though your shares go down in value, the value of the CFD increases. A portfolio of $100,000 worth of shares could have been hedged by selling 20 contracts of the XJO index.

During the recent fall the Aussie market peaked just above the 5000 point level on the ASX 200 and fell to 4300, for a drop of 14%. Assuming your portfolio lost 14% then it is now worth $86,000. By selling 20 contracts short on the index at 5000 and if you were to cover them at 4300 you would make a profit of $700 per contract or $14,000 on the CFD position. This completely offsets any loss in value on your share portfolio and while the gain on the CFDs is taxable, there are no capital gains tax implications that would be incurred if you sold your shares.

Alternatively you can short sell individual shares using CFDs to profit from falling prices. While the seasonal patterns may be looking up for July, if the expected rally fails to materialise now might be a good time to sharpen up your skills and add CFDs to your portfolio as protection against any future drops.

By Jeff Cartridge
Education Manager

Risk Disclaimer
Be aware that CFDs are leveraged products which carry a high level of risk to your capital, as it is possible to incur losses that exceed your initial investment. Therefore CFDs may not be suitable for your level of acceptable investment risk. Before proceeding with CFD trading, ensure you fully understand the risks involved, otherwise seek independent financial advice.

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CFD Trading: Using CFDs to Short Sell on Short Notice

Friday, June 25th, 2010

We have reviewed our market this week with a view to trading it using Contracts for Difference (CFDs).

What’s a CFD?

A CFD is an agreement to exchange the price difference of an instrument between the time a contract is opened and the time it is closed. CFDs are highly leveraged derivative products that allow traders to trade using margins from 3% to 25%, depending on the liquidity of the underlying instrument. In this section we refer to instruments in CFD trading which can be shares / indices.

Benefits of trading CFDS

One of the key benefits of trading using CFDs, particularly when trading the market short, is that the process is not complicated, it is simply just the reverse of trading long. There are other instruments for trading the market short which include options and solutions offered by margin lending providers, however there can be issues with the liquidity in the options market and problems in finding the stock to short with margin providers.

CFD Models

There are a number of CFD provider models such as the market maker model and the direct access model. As the names suggest, the marker maker model (MMM) is where the CFD derives a CFD price based on the price of the underlying instrument (it need not exactly match the price). The direct access model (DMA) uses prices which exactly match the price of the underlying instrument.

Things to consider when trading CFDs

The other key consideration when CFD trading is the liquidity of the underlying instrument. Traders should only trade instruments that are liquid, because their profit/loss account can be significantly impacted due to slippage when entering/exiting trades. With this in mind we have reviewed the S&P ASX top 20 stocks. Learn more about CFD Trading.

Major markets around the world are hovering around their key levels as defined by their 50 and 200 day moving average. In our previous article about Market Momentum we highlighted that the positive momentum that markets had enjoyed from March 2009 has now subsided. All the key markets are still below their 52 week highs and with the exception of Hong Kong and Germany, overseas markets are still below their 200 day moving average.

The S&P ASX 200 appears to also be losing momentum and is finding resistance at the key levels of the 50 and 200 day moving average. We have evaluated the top 20 stocks and summarised the results in the table and chart below.

Table: Performance of the S&P ASX Top 20 Stocks

Performace of the S&P ASX Top 20 stocks

The table above shows that generally the bias is to the downside in the medium term. In the ASX top 20 stocks, there are 12 stocks in a medium term downtrend and only 6 in a medium term uptrend. Of these 6, only 3 stocks are trading over 4 percent above their 50 day moving average. Half of the top 20 stocks are trading below their 50 day moving average and of these stocks, 6 are trading over 7 % below their 200 day moving averages, which confirms the underlying weakness in these stock prices.

Chart: Price Performance of the S&P ASX20 relative to key level of 50 and 200 day moving averages.

Price performace of the S&P ASX200

The chart above clearly indicates that the weakest stocks in the S&P ASX20 are: AMP, Brambles (BXB), Macquarie (MQG), QBE, and Westpac (WBC).

Conversely in the S&P ASX20 the outperformers are: Newcrest (NCM), Telstra (TLS) and Wesfarmers (WES).

As outlined above you can utilise CFDs to trade the market short on short notice, by trading on margins of 3% to 25%, and benefiting from downward movements in the underlying stock price. Your open positions will be valued every day at the close of business price, with your profits or losses, credited or debited to your account each day.

By Michael Hevern
Head of Research

Risk Disclaimer

Be aware that CFDs are leveraged products which carry a high level of risk to your capital, as it is possible to incur losses that exceed your initial investment. Therefore CFDs may not be suitable for your level of acceptable investment risk. Before proceeding with CFD trading, ensure you fully understand the risks involved, otherwise seek independent financial advice.

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FAQs – August 2009

Wednesday, August 19th, 2009

In the tick history, what do the conditional codes stand for?

There are a number of codes used by ITS to provide further information about the trading status of a security. These codes are known as status notes.

What are American style Options and Warrants?

A type of option or warrant contract, which allows the holder to exercise at any time up to and including the expiry date. Most options listed on the ASX are American Style.

What are European style Options and Warrants?

Where the holder of an option or warrant can exercise only on the expiry date.

Can I trade index options on the expiry day?

Yes you can trade Index Options up until 12 noon on the expiry day. The expiry day will be the third Thursday of the contract month, unless specified by the ASX. Index Options are cash settled using the Opening Price Index Calculation on the expiry morning. This means trading will continue (up until 12 noon) after the settlement price has been determined.

What are market phases and how do they affect trading?

Every day, the market goes through a number of different phases to allow for various activities, such as establishing opening prices and end of day processing.

If we haven’t answered your questions here, check the FAQ’s on our website:

  • Market Analyser
  • MDS Financial Research
  • Bourse Data
  • Or drop us an email at customercare@mdsfinancial.com.au



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    Message from the Chief – July 2009

    Wednesday, July 15th, 2009
  • Introducing Block Rate Trading Rates to CFD Traders
  • End of Financial Year – thank you
  • TDO launches new CFD service – plus a $100 gift voucher
  • A quick year in review
  • MORE POWER – Servers on the way
  • End of Financial Year thank you.

    The financial year has come and nobody can say it was a boring year. Before I launch into this months article, I would like to welcome those of you who took advantage of the End of Financial Year offer, of which there were 500 of you back for another 12 months. It is a great testament to the stock market tools that we provide and the effort our staff put in to ensuring you get the best possible service. It is also great to see that a lot of you have been with our company for five or more years and we would like to take this opportunity to thank you for your continued support.

    TDO Launches new CFD service plus a $100 gift voucher

    The team at TDO have always been known for the unique and fair way that they go about their business, making trading in a cost effective manner possible for the everyday trader.

    Until now this only applied to equities/ options and warrant customers. But the staff at TDO have joined forces with a market leader MF Global , to launch a new CFD business utilising the TDO unique Block Rate Trading pricing structure, to obtain better pricing for CFD traders.

    Click to check out the great Block Rate Trading Brokerage Rates.

    As a special offer , the first ten people to open an account and post a reply to this article referencing your pending application number (this will not be disclosed publicly) will be given a $100 gift voucher for the Educated Investor book shop (once your account is opened and funded).

    A great aspect of this new offer is that for those of you using the Market Analyser software, you will be able to trade from within Market Analyser, therefore eliminating the requirement for additional and sometimes very costly software packages.

    Tom Boland, the Manager of Trader Dealer, has told me that there has been a great deal of demand for CFD trading from our existing TDO customers, so I am quite keen to hear your thoughts on our new service.

    He also advised me that Trader Dealer has maintained the trade and get your software and data for free policy and pointed out that this service is very unique due to the fact that you are able to collate your Equity, Warrant, Option and CFD trades together in order to qualify.

    We expect the unique Block Rate Trading rates to bring a new dimension to the way CFD brokerage is charged, and when you couple the pricing with what Trader Dealer is really known for, awesome customer service, I think Tom and his team are going to do a fantastic job of servicing the CFD traders among us.

    A quick year in review

    It has been widely reported that the market has had an absolutely shocking run over the last 12 months, so I thought I would try and give you a positive perspective on the market and look at the top 5 shares from within the ASX 200 constituents.

    I hope to show you how, with a little bit of timing and a whole lot of luck, you could have made a handsome return over the last 12 months. The criteria for my search was the largest return that could have been achieved from any stock in the ASX200 in the last 12 months, the scan was from the 1 July 2008 and the close price as of the 13 July 2009, so I was searching for the shares that had increased the most from their 52 week low and the results are amazing.

    Staggeringly from our sample of 200 shares, more than 106 shares increased more than 50% from their low and the standouts were as follows:-

    Company

    %Return from low

    Pacific Brands (PBG.AX)

    581.65%

    NRW Holdings (NWH.AX)

    537.04%

    Medusa Mining (MML.AX)

    504.88%

    Alesco Corp (ALS.AX)

    438.46

    Karoon Gas Aus (KAR.AX)

    407.78%

    Before you go into the market and think that I have found a great stock trading strategy, hold on. Buying low doesn t always payoff and a few examples in the list that didn t fair too well on the buy low and hope approach, were ABC Learning, Allco, Babcock and Brown along with a host of listed property companies.

    The other thing to consider when looking at this information is that the ASX200 is consistently reshuffled and it is based on the current shares in the ASX200 and it doesn t pay any regard to the shares that have actually dropped from the ASX200 this year.

    Out of interest I have posted the full list of equities in the ASX200 which increased more than 50% in the last 12 months. To see the the full list please click here

    MORE POWER Servers on the way

    This month saw us take delivery of 8 new Dell Servers, which once in production will ensure a more stable environment for our applications to run from, and will also ensure that the current growth we are experiencing will not interrupt the service we have been supplying to our existing customers.

    These servers are part of a wider upgrade which has been underway, lead by our Chief Information Officer Craig Foley, and the Service Delivery and Programming Team, to implement a new Reuters feed within our organisation that is currently only been used by one of the largest proprietary trading desks in Australia, this ensures that you are going to receive the best possible data in the market which will lead to a whole range of new experiences, we hope to launch to you in the next 6 months.

    In the meantime as these improvements are being implemented we thank you for your patience and would love to hear your feedback once you try our new services. We are also looking for some customers to try out our new application, so if you would like to be one of our guinea pigs please reply to this post.

    Keep trading and bye for now.

    Damian Isbister

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    Reflections Special Offer – July 2009

    Wednesday, July 15th, 2009

    Free Share or CFD recommendations for software subscribers

    Want to know what the experts are trading?

    When you prepay for a 12 month subscription to The Bourse or Market Analyser, you will also receive a free 3 month subscription to either Shares or CFD recommendations in the MDS Financial Research report.

    That s a bonus worth $195!

    To find out more, just call our friendly Customer Care team on 1300 36 37 66, or email customercare@mdsfinancial.com.au.

    Click here to find out more about MDS Financial Research.

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    FAQs

    Wednesday, June 17th, 2009
    Q: I am upgrading my computer, what are the system requirements for Market Analyser?
    A: You can check the system requirements here.
    Q: What is a CFD?
    A: CFD (or Contract for Difference) is simply an agreement to exchange the difference in value of a particular share between the time at which the contract is opened and the time at which it is closed.
    Q: I accidently closed the MDS Stock Watch instant message, how can I get it back?
    A: To bring up closed instant messages, click on Menu, Tools, Instant Messenger. In the Instant Messenger window, on the contacts tab you will see your contacts. There will be one called MDS Stock Watch. Right click on MDS Stock Watch, then left click on View History Messages, it will contain previous MDS Sock Watches items.

    If we haven t answered your question here, check the FAQs on our website:

    Or drop us an email at customercare@mdsfinancial.com.au

    For further information go to: http://www.mdsfinancial.com.au/CFDAdvisory.aspx?sec=explained

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    End of Financial Year Special Offer

    Wednesday, June 17th, 2009

    Time s almost up!

    With June 30th just about upon us, time is fast running out to take advantage of our End of Financial Year special offer.

    Collect up to $410 worth of bonus trading and investing tools when you subscribe to the Market Analyser or The Bourse for 12 months!

    But hurry! This offer ends on June 30th 2009.

    1: Free access to the MDS Financial Research: Shares and CFDs
    Valued at up to $260*

    Want to know what the professionals are trading?

    The MDS Financial Research report provides Buy and Sell recommendations for ASX shares and CFDs, in comprehensive yet easy-to-understand reports.

    Each day our Research team scans the market, finding opportunities even in difficult market conditions. Our share recommendations have delivered returns of up to 25% on a single trade (entered Molopo at 91c and sold at 114c), and achieved an average return of 4% per trade for the first quarter of 2009**.

    With new recommendations and updates emailed three times daily, making great trading decisions has never been this easy, or this convenient!

    Click here to find out more about MDS Financial Research.

    2: “Essentials for Making Money with Shares and CFDs in Today’s Market”
    By Jeff Cartridge
    Valued at $150

    In these two e-books by successful trader and educator Jeff Cartridge, you will discover the key elements required for profitable trading and investing in shares and CFDs.

    Learn how to identify the essential steps to wealth, and apply your knowledge towards making money in the markets.

    Jeff Cartridge is the author of several renowned books on investing in the markets, and has educated tens of thousands of people across Australia and New Zealand in how to successfully trade shares and CFDs.

    To take up this special offer or to find out more, just call our friendly Customer Care team on 1300 363 766 or send us an email at customercare@mdsfinancial.com.au

    Fine print:
    * Access to the MDS Financial Research report is for 1 month, for users whose total yearly software subscription amount is less than $500, and 3 months for users paying $500 or more.
    ** Data correct as at 22.4.09, and does not include transaction costs. Previous performance is not a guarantee of future performance.

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