Sometimes, the casino seems the only way forward
Tune into today’s media and what do we hear about almost every day?
Recession, recession and recession. But I invite you to take a walk into the casino. Look around and you would be forgiven to think that money was just growing on trees.
Money is thrown onto tables as punters take a gamble on card games or the roulette wheel. I asked a few players what their views were on the current economic climate. The common theme was that we should take control of our own financial future.
Now I’m not sure gambling is a secure route to a safe financial future but it seemed that the consensus according to the punters is, as Nike put it, “Just do it.” Well, last week I did trade on Nike, and I went short at $59.20 expecting a move lower. However, my trade turned sour almost immediately. As soon as my order had been triggered the very next day the stock went against me. My stop was set at $61.30. Guess how long I was in this trade? Just two days. I had been stopped out for a loss of £1,050.
So I went long on gold at $5 a point, but again in just two days the trade knocked me out by reaching my stop level at $804. This trade lost me £550.
I also missed a big opportunity to short the pound against the US dollar. Since the July high of $2.01 the dollar has gained strength and sterling has lost over 1 per cent in the last few weeks. I missed that one too.
I’ll be making no more trades until I’ve had a proper chance to scan the charts and a handle on what’s going on. Until then, there’s always roulette.