Saturday, September 20, 2008

cmc-markets, silver, toronto60

hi folks, it's saturday and the cmc trading platform accepts NO new orders ;o((. is it soooooo strange that someone (= me) did some market analysis on the weekend and now wants to place some orders? what do the guys at cmc-markets think about trading? what do they think about their own (!!!) trading software? i'm sure they have no faith in their crappy software and also no faith in their shitty market-making-prizing and THEREFORE THEY DO NOT ACCEPT any orders which are not 'checked' by some poor dealer guy in london. well, i have to call them on monday to place my orders by phone (see my lessons learned from my unlucky sugar trade on 15/09/2008) and to tell them what do i feel about their bullshit trading tool and their crazy and CUSTOMER UNFRIENDLY business model. does it make any sense to stick to that broker? not really, so let's earn few hundred euros there to reach the initial account size for abn amro's platform (1.000 euros) and switch to a more serious CFD broker :o). why not take some euros from somewhere else? well, my wife would kill me if i would plunder our 'emergency' account again :o))

[10/03/2008: folks, i had today a good experience with price quotes @cmc! i did so many DJIA trades and they have all been filled @my limit levels, even when the market moved fast and some ticks 'jumped over' my limits.... see http://jarogruber.blogspot.com/2008/10/2008-financial-crisis-not-just-subprime.html for more trading details if interested :-]

item--------------: silver
units--------------: 1
order type--------: market
trade type--------: long
entry date--------: 09/19/2008, 17:31
entry price-------: 12.45
initial stop-loss--:
new stop-loss----:
exit date---------:
exit price---------:
profit (loss) in %-:
profit (loss)------:
reason why + strategy: first of all i owned just 1 silver cfd-contract and i still believe in a HUGE increase in commodity prices in general and WILDLY increasing silver price in particular :o)). are there any fundamental oriented traders out there? secondly, i did recognize a flag chart pattern with drastically narrow trading range after a big increase (thanX to harald weygand and his very interesting and helpful chart seminar in munich early this week :o). thirdly, my quick inter-market-correlation-check also signaled positive correlations (usd falling against the euro, gold climbing higher and higher, dow jones falling slightly but without any crazy moves...). folks, that was probably my first chart-oriented trade-entry :o)))

item___________: toronto60 >> position CLOSED
units___________: 1
order type_______: market
trade type_______: long
entry date_______: 09/18/2008, 20:17
entry price______: 736.3
initial stop-loss__:
new stop-loss____: 763.7 (on 09/19/2008)
exit date_______: 09/19/2008
exit price_______: 763.7
profit (loss) in %_: 3.7 %
profit (loss)_____: 27.4 cad
reason why + strategy: just an impulsive trade by watching the market movements (as dow jones rallied few hundred points in 30 minutes). why not buying directly DJIA instead? well, my account size is still too small and a quick market move in DJIA against my position could completely destroy my account => money management is first, execution of trading opportunities second ...
lessons learned: well done even when my very narrow stop-loss-limit caused an exit and just 0.5 points deeper started the next swing up which moved this index few point higher. but i had to leave my house for sports, so i preferred a tight stop-loss and at least now i do not have any gap down risk on monday :-)
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