Oh yes! Rumour of a ban on short selling so guess people scurry to buy back. One thing a like about corrections is if the market falls from say 3000 to 2000 you loose 33% but if it reappreciates from 2000 to 3000 thats a 50% gain....the returns are greater to the upside....if the market decides its time to rally....

 

That's a good point!

Just bought gold at 1755.85, hit limit at 1765.85. Another stroke of luck, but it was sitting right on the 61.8% fib so thought it would be a good place to put a stop beyond. Just making sure my trades have a minimum risk/reward of 2:1.

 

Agree it is totally psychological - but there is big psychology there - am amazed that it rebounded so quickly.

Talking to my IB friends they are mostly in cash, Swissie, Renminbi and some in Sterling for the long play. Swissie must come back soon, time to short?

 

But markets fall four times faster than they rise, so a bear makes money faster

 

I know a lot of bankrupt bears over the past 2 years....

 

Also fear is stronger emotion than greed

 

Which is why it falls four times faster.

The biggest trade ever was a bear trade - but I am sure you knew that already!!!

 

I bet you know an awful lot of bamkrupt bulls as well - indeed the whole sector!!!!

 

Guys,

What do you lot do for a living?

Chip

 

Yeh very true.....im pretty confident the position to be down here though is now long....at least for the short term

 

You're not going to tell us you're retired again are you?

 

What, you still work for a living

 

I wouldn't call what i do "work"

 

You obviously only work part time as you are on here most of the day

Chip

 

Only because we broke the playstation a few months back

 

I keep on getting calls from Accendo markets asking me to open an account to trade CFD's. TBH, as you know, I do not know much about all this trading business and although they seem genuine can anyone enlighten me on what its all about, ie what are the chances of making/losing money compared to what I do now.

At least if I lose it all now I only have myself to blame.

Chip

 

I've still got two trades open that are currently in positive territory - one half way to the limit. What are the bets that I get stopped out of both of them before half 4?

 

 

Don't do it, those guys are sub standard at best IMO. 95% of advisory CFD brokers are crooks who use leverage to ramp their deal tickets and over trade their clients. If you gave them 10k i'd say you'd be lucky to still be in the game 2months down the line

In fairness if you have been doing it yourself and been doing ok then don't speak to advisory brokers. Those guys only get paid when you trade as they earn commision, so its to their advantage if you are trading daily with tight stops as it generates their income. If you want to employ advice, do it with a % profit share....that aligns ur interst

 

Thanks for the advice.

 

If you do want an advisory broker, there are one or two that deal with retail investors i know that i could suggest you try....also if you want to trade CFDs i can help you get cheaper execution costs than what these places usually offer to retail guys

 

Well I've survived my first day back trading. Sitting on £1,050 now, so I might take the rest of the year off.

Actually those two trades (RBS and BP) are still open. Got a limit on RBS at 26.3 and a limit on BP at 412.82.

 

Holy sh*t - another BP well has had a fire in the Gulf!!!!

BP oil disaster

 

I have a great deal that enables to invest indirectly in mortgage securities - it is a sure thing - you simply cannot lose. Indeed it is backed by one the strongest banks in the world, Goldman Sachs. The deal I can offer you is in the Abacus portfolio. I tell you, you just cannot lose out!

 

I fell for that for all of two seconds.

 

Is that what's known as 'trader irony'?

 

For two seconds it was worth it

 

Bear in mind that in Wales you don't actually need to cash that many benefit cheques to be able to retire!

 

I'll tell you what boyo , you do where I live.

Chip

 

Take the **** all you want but I at least I had the sense not to buy a Porsche.


Chip