It seems so far to have been a short covering rally which means some big players took out the short positions from last Friday to sell themselves at the top for short positions. The price now seems to be hovering around 5.800. The picture will clear during the day but I will follow FTSE and I know that many of you sold close to 5.808. I never use stops because today's computer traders will take them out even if you think it is impossible with a sudden rally to my position.
I am now and then trading for fun with small positions to engage in the trade situation. Very few people can be good analyser's and traders. Statistics say that only 5 % of traders make profits. Of these 5 % only 3% make very much money.
When I started in 1983 I had no idea about anything so I have learnt it the hard way that I am not a trader. A trader has only two enemies, fear and greed, which is the only thing he has got in his brain. The analyst's brain is calm and you sit in a completely calm place that you love. No phone, no family, no knocking on your door. You just live your life with your computer and eat and sleep when you feel like it. Relax Saturday and Sunday. A very harmonious life you just love what you are doing. I was in a situation like that from 1983 to 1988. Now I have it again since a couple of years. Nothing disturbs me.
The short positions we are looking for now in FTSE are long term investments. Maybe for 3 years. The days and weeks it will take to get good very high up shorts are at the same place the computers do it but we do it by hand. It is nothing a hate more than so called profit taking. This is because it will take a month to get back into the market. FTSE only so far has a second warning for a bear market. It has not started yet and I can always be wrong. I want you to be in the 3% group and then we must take the positions where the best traders takes theirs. So no stops, no profit taking. Only small losses when waiting for the final top to sell. I have 3 shorts medium 5.801.02 price.That is above the 34 day falling MA and at the same place where the falling 8 week MA is today. I will earn 3 pounds per point. My capital is $ 573 so I use 25 % for these 3 shorts.
I am now and then trading for fun with small positions to engage in the trade situation. Very few people can be good analyser's and traders. Statistics say that only 5 % of traders make profits. Of these 5 % only 3% make very much money.
When I started in 1983 I had no idea about anything so I have learnt it the hard way that I am not a trader. A trader has only two enemies, fear and greed, which is the only thing he has got in his brain. The analyst's brain is calm and you sit in a completely calm place that you love. No phone, no family, no knocking on your door. You just live your life with your computer and eat and sleep when you feel like it. Relax Saturday and Sunday. A very harmonious life you just love what you are doing. I was in a situation like that from 1983 to 1988. Now I have it again since a couple of years. Nothing disturbs me.
The short positions we are looking for now in FTSE are long term investments. Maybe for 3 years. The days and weeks it will take to get good very high up shorts are at the same place the computers do it but we do it by hand. It is nothing a hate more than so called profit taking. This is because it will take a month to get back into the market. FTSE only so far has a second warning for a bear market. It has not started yet and I can always be wrong. I want you to be in the 3% group and then we must take the positions where the best traders takes theirs. So no stops, no profit taking. Only small losses when waiting for the final top to sell. I have 3 shorts medium 5.801.02 price.That is above the 34 day falling MA and at the same place where the falling 8 week MA is today. I will earn 3 pounds per point. My capital is $ 573 so I use 25 % for these 3 shorts.
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