I can’t believe it, the DOW made over 900 points in todays trading session, a gain of over 11%!! WOW, this is the biggest ever one day gain I have ever seen! Sometimes I wish I had the capital to trade these markets.. this would have been a serious payday.
The past week, we had seen the biggest drop on the US and UK (and probably other markets but I only primarily follow the UK and US markets).
I hope this stabilises the markets and that we see further upside.. however, it is possible that this is just a reactionary bounce before further downside.. afterall, the markets have fallen extremely sharply of late and hence oversold.. people were expecting a correction at some stage and this is it… we’ll see…
I spotted an excellent long entry and went for it, got in at 175.61 and closed it out at 177.23 for 162 points! Hoorah, that’s a nice gain. I could have held it longer.. it’s gone up another 20 points since but I can’t prise myself off this computer when the charts are moving.
I think the market has further to go.. there was a huge reversal on the US and UK markets today after all the help with the Financials from various governments.
Last week the markets were in turmoil… however, there was plenty of opportunity for those who like to play the markets.. unfortunately, it was a horrible week for me.. I got excited by the markets but frustrated to see that I had missed most of the action when I got home and ended up paying with my account. Luckily, my account isn’t large and any losses are generally covered by the sponsorship I make on the blog..
However, I got back into it and last night put on a long on the GBPUSD. It was looking to go up and I got in at 1.7120 or so with a 100 point stop loss. My stop was hit as I slept last night and then reversed reaching a peak of about 1.7410… just under 300 points. In times like this, I get frustrated… my market mistiming meant that this excellent trade was due to my bad timing and not analysis. That’s the problem with trading part-time like I do.. trading is such a tough game that I really should be able to dedicate myself 100% to it or else it is not going to work. In fact, I met a guy who managed about £15 million of investors money and he said that the only way to make a success of it was to go into it 100%… he said you really can’t do anything else if you want to make this work. I have been thinking about it carefully.. I have a great job in the corporate world and have a few more rungs on the corporate ladder which I want to climb.. at the same time, trading the financial markets would be an ideal endeavour and I have a lot of passion in it.
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