Been a quiet day today after the big losses of yesterday. I basically bottled out of any trades for the best part of the day because yesterday’s £100+ loss in one trade really shook me up. When curiosity got the better of me and I logged into my account I was pleasantly surprised to find my only open position in Chime Communications (CHW) was up by 5 points at £10 a point – giving me a £50 profit.
This lifted my sprits no end and I started to look at some markets for trades. I went back to my most familiar, the spot gold, and even though I felt like I was in the middle of a swing within a tight range (meaning that I wasn’t at the top or the bottom of a movement), I still decided to go in.
By the time I’d finished placing my order, Chime Communications was up by more than 10 points and I was sitting on a paper profit of £135 – my largest to date. I feel confident this could keep going though.
There are some alarming things happening to me though. Already hI can feel my sensible head battling with my gambling head and I have to be honest and say at the moment, I’m finding discipline very hard to stick to or else I wouldn’t have come in on Spot Gold here.
Spread Bet Longs:
- SPOT GOLD 1611
I’ve talked over the last couple of days about how I feel that Spot Gold is heading for 1620. This opinion is based on the ‘apparent trend’ that appears to exist in the chart to the right, along with my own anecdotal opinion of the general market sentiment, where I think that people WANT to buy gold because they think it is a good hedge against inflation (which is creating an underlying bullish bias) but they’re just waiting for the right kind of news to justify the purchase. The right kind of news could be any of the central banks taking any measures to pump money into the economies. So, I’d expect this to stay within a tight range until some news hits, but for now, probably because of my lack of discipline, I’m going in at 1611.
- £10 @ 1611
- STOP LOSS: 1606
Spread Bet Shorts:
Deciding to hold onto CHW because I can’t find any reason why this could come down that’s in the public domain. Of course, that doesn’t mean there’s no reason it can’t, just that I can’t find one!
Profit/Loss for Day
£0.00 – Breakeven
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