Still Standing!

It's been awhile since I posted anything here. My CFD trading, however, has not gone away. Have been refining my approach, with varying degree of success. I still need to remember not to jump in on a whim.

The last week or so has actually been quite a trial-by-fire for me. The Friday before last, my MTM position was -$451. That was over 10% of my capital, and had me in a bit of thought through the weekend. Things went south when the Aussie crossed $0.83 vs the US$ - causing people to pause and take profits. Of course, I didn't - since it caught me on the hop. However, it was quite a sight - watching the red pile up in rapid succession from the opening bell. It reached -$500 in no time, before I couldn't bear to watch it anymore. Was transfixed - 'shock and awe' are the terms that come to mind, not wanting to book my losses. Talk about having your heart in your stomach! Incredibly, I came out of that last week - and while I still hold the (loss making) positions on AGK and BHP (both ill-thought out and ill-timed positions), in the others (SMY, MXG, ZFX and WPL) I ended up making not too shabby a profit, all things considered.

In the meantime, the XJO has reached new heights, I've signed up with Australian Stock Report - and hopefully, this week I should see myself finally turn a profit on my CFD capital. I'm currently about $600 short of $5000 (that $1300 hit on Gold 2 weeks ago has left quite an impact), but am short ILU and have plans for AMP and OXR tomorrow. If all goes according to plan, by Wednesday, I should be about $500 ahead.

I shorted ILU @ $5.98, and then added a massive short @ $5.81. My target for this is $5.71. I'm planning to go long AMP tomorrow at $10.85 or better - she's about to breakout, though I haven't quite worked out what the upside could be.

Also, planning on implementing a new strategy tomorrow. I've noticed that OXR has a dramatic movement in the first 15 minutes of trading. It then swings the other way; and I suppose this is typical of fade-in and fade-out that the big boys do to grab money of us poor unsuspecting sods. The thing that is of great interest to me is that the variation from it's high/low of the first 15 minutes can be 2%. I'm planning to trade the range tomorrow to test my theory, and if it works out, I might just have discovered a fairly reliable cash-cow trade :)