The Legend of The Gambler - page 21
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Even though I'm drowning in massive quantities of snake oil (Johnnie), and developing a manic depressive behavior in my trading, I know that:
The Night is Darkest Just Before the Trend (umm...Dawn).
Right now, I'm rooting for the Pound to head higher to 1.49 to make my day.
o-o, that doesn't sound good...
The Pound has been very accomodating in its recent up move (rode the 200-300 pips), and I have exited my position. I thought I better not be greedy, it is close enough to 1.49 to get out and bank some profits.
I'm still below my account highs, just clawing back my recent drawdowns.
Let's use our head here a minute. So the US is going to pass the stimulus package in some form, and it is going to be huge. This obviously dilutes the dollar, but the market will not care about this at first. This will probably cause the dollar to spike up, and the long term will cause the dollar to fall.
Or should I follow the motto, buy do rumor, sell on news. We already know the stimulus package is coming, and it is already factored into the price.
Right now, I'm positioned for dollar weakness...which is probably not the smartest thing to do. I'll have to think about it some more. This is the big reason why I try not to think about the fundamentals because you never know where the herd is going to go.
^ Look at all the pretty colors.
Well, as for my previous notion of betting on Dollar Weakness, that hasn't gone very well for me either. I'm about -$2k in drawdown just on those directional bets alone. So for the Swissie, it will either make a new high or form a head & shoulder pattern on this next peak...I'm hoping for the latter so I can exit my positions.
/cue the Gambler music
I was completely plastered last night after my dollar weakness positions took a beating (more like an assault with a deadly weapon) after El Prez opened his mouth about the stimulus package. I knew I was knee deep in cow poop. I figure I was -$10K in open drawdown (Did yall see that nose dive in Euro???), so it was time to meet my friends Johnnie W and Jackie D.
I woke up this morning, and I closed the position for a $-2k hit. I licked my wounds and thanked the lucky stars. Dodged a bullet there. But that's what trading like Kenny Rogers is all about. No balls, no glory.
Damn, it's hard to be a Gambler!
And let me tell you, this snake oil stuff works like magic.
The Legend continues...
In heavy drawdown right now, there has been no good trends at all this year, which is terrible for me. If this continues, then my trending way will lead me down the toilet. Ironically, it is my tortoise account that is the most vulernable at the moment.
Account #1 Summary:
Deposit (Inception April 08): 20 000.00
2008 PnL: +20 3XX.xx
2009 PnL: + 4 5XX.xx
Account #2 Summary:
Deposit/Withdrawal: 10 000.00
2009 PnL: -1 4XX.xx
Tortoise Account Summary:
Deposit (Inception December 08): 5 147.29
2008 PnL: + 6XX.xx
2009 PnL: -3 0XX.xx
Hare Account Summary:
Deposit (Inception January 09): 5 000.00
2009 PnL: - 3XX.xx
Grind 'em out, Kenny.
Just remember, rash decisions could lead to a life of a salesman working at this place.....Here
Damn, the Euro just broke that double bottom, and heading to the abyss.
LOL, someone was busy setting this up in the off hours when US market is not even open. Touche.
Grind 'em out, Kenny. Just remember, rash decisions could lead to a life of a salesman working at this place.....Here
Thanks Mr. M.
I'm definitely grinding it out. I actually placed an 8 mini-lot Euro Long last week to hedge my large Short position over the weekend, I didn't want the Euro to gap up when it opened on Sunday. Now, I'm stuck in my Long trade on Euro because it actually gapped down on the open, and I had closed my Short positions for a handsome profit. Right now, my Long position on Euro is around -$2.5K in open drawdown. I'm trying to figure out how to unwind this position right now.
If I had done nothing, I would be up $2.5K right now. Total Fubar, right there.
On the bright side, I'm returning back to a more stable foothold on my account equity.