"I have recently signed up as a new subscriber and would like to thank you for the excellent service.

"A few questions from a novice investor regarding trading practicalities please:

1. When considering the differences between spread betting and a standard trading account, if we ignore the tax advantages of spread betting is there an advantage of holding a longer term trade in a trading account? If so, would you recommend a certain time threshold. eg. trades which are expected to run for over 12 months are better in a share dealing account?

2. For shorter term trading in a spread betting account, I wonder if you could advise on maximum number of positions that it is advisable to have running concurrently. (I realise that this is a very personal and subjective question, but would value your opinion none the less!) I have read trading books where one example is to split your total trading capital into only five positions but this seems a fairly narrow range to me.

3. Lastly, any recommended ways to get exposure to China A Shares that you have been discussing recently.

"Many thanks once again for a valued and highly professional service."

David Fuller's view Welcome to Fullermoney and thank you for your kind words.

Regarding your points 1 & 2, trading is more difficult and risky than investing due to the leverage available to traders. Also, equities can be expensive to trade via spread-bets.

Speaking personally, first on trading, I regard myself as a medium-term trader, usually meaning anything from a few weeks to several months, or even longer in the case of a persistent trend. For instance, I have been trading precious metals futures for at least nine years and counting in this current cycle, going in and coming out many times, subject to volatility. While I occasionally spread-bet equities, this is usually to take advantage of what I regard as an additional windfall opportunity in a Fullermoney theme.

I also consider myself to be a long-term investor, via both conventional and online brokers. Some of the main positions in my personal long-term equity portfolios have been held since 2003. However I have been more active over the last six or seven months, as an Archive search will show.

As for an ideal number of trading positions, this depends on opportunities perceived. Nevertheless, I think it is a big mistake to have too many positions as it dilutes one's focus and energy reserves.

In discussing this email with Eoin, particularly regarding your third point, he reminded me of the USD-denominated Morgan Stanley China A-Share Fund Inc (CAF US). This is a reasonably large closed-end fund (investment trust) selling at a small discount to NAV. As always, please conduct your own due diligence, which you can easily do online, so that you understand exactly what you are considering.