financial markets

March 2010
M	T	W	T	F	S	S
« Jan
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30	31

Oct 13

Market mistiming on the GBPUSD

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.