FT has been trading full time from home for two years, with nothing but four kids and a beach to distract him .
He fills his spare time with weight training and rugby, though more coaching than playing these days.
FT mostly trades the forex markets and although he plays FTSE on occasions his bread and butter market is £$.
He likes to think that his technique is evolving but still hasn’t the temperament or money to back the big calls. He prefers to trade between 1 and 3 times a day, aiming to take regular small gains, but feels part of the evolution is in not dealing if the conditions don’t feel right.
Oops, I Sold It Again
To paraphrase Britney, when to fancy her was a sign of paedophilia rather than drunkenness, Oops I sold it again, I made up my mind and put my bet in. I’m now back to being short of a fiver on the FTSE and rather hoping for a sell off.
I’m a bit concerned that this morning’s fall didn’t even make yesterday’s levels, let alone mark out a new low. But I still reckon there ought to be a trade from selling FTSE at these levels. Today’s £2 bet was sold at 6227 with a stop up at 6285. I’m rueing the long-term approach of my £3 short bet; twice now I could have closed out for a handsome profit and re-opened at good levels, and twice I’ve watched the profit turn a nasty shade of red.
Next time I’ll take the profit, then you watch the market tank off. Interesting, FTSE’s looking strong this afternoon, and it’s not because of the US markets. I wonder if there’s some monkey business going on ahead of tomorrow morning’s option expiry.
I decided against trading the Barclays’ earnings update; it’s blindingly clear that I closed both my bank bets too early. But I can live with not maximising my profits. What I don’t want to do is short them again here and be the wrong side of a squeeze.
There’ve been loads of central bankers talking, but I’m not seeing too much effect on the main currencies. Today’s economic data have been a pretty mixed bunch; Eurozone GDP and US manufacturing surveys all came in a bit better than expected. But the actual US industrial production numbers were negative and lower than forecast.
Just as I’m finishing off I see that the FTSE level has pushed back above the short term trend line I mentioned yesterday. I’ll watch the closing level with interest; if it closes above that then I’ll put the bearskin back on the hanger for a couple of days.
Happy Trading
May 15th, 2008 at 3:23 pm
I went a couple of quid short on FTSE at 6237 this afternoon. Watched it sink down to 6226. And then go back up to 6236 where I baled out. Wow, £2 profit.
Tempted to short again at over 6250 but, this late in the day and before the option expiration, settled for writing some 6600 calls instead.
Weird times. Feels like something must happen soon to liven things up.
May 16th, 2008 at 12:43 pm
I see HBOS has probably either seen sense, or called the turn in RMV!!!
Somewhat surprised that the shares haven’t tanked although there is supposedly 31 days worth of trade currently in short positions in this one! Maybe the company bought it back if there were no takers. Watch this space!