February 17th/18th

This hasn't been updated due to being very busy over the weekend! I'm just going to give a brief summary of what happened on Thursday and Friday and talk about key issues for the future.

Thursday

I went against my rules that I follow and placed a trade BEFORE major news of Unemployment Claims figures in USA broke out, I was expecting good numbers as USA had been doing well the past 2-3 weeks so I bought some stock. However it was a big reversal and ended up being BAD. This caused prices in all of the stock exchanges to go down. I immediately got out of my position for a -£62.50 loss, and reversed my trade so I'm now making money when prices drops. I made profits of £100 within 16 minutes covering my loss easily and closing the trade, THIS SHOULD HAVE BEEN IT FOR THE DAY. I got greedy and carried on placing trades after the big move had already happen, I ended up losing my profits and a bit more giving me a loss of -£108.50 for the day.

Friday

I had been having trouble sleeping so I only watched my German Index DAX30 for a small period of time, saw where it was trading at price wise for the day, and set an order to be placed to buy near where I thought the bottom could be. It was bought at 8:18am and was closed at 12:04pm for a profit of £20. This is all I had done for the day as I have been feeling unwell all weekend along with several friends. This could have made A LOT MORE, but because I was sleeping and wasn't able to watch my charts and the market, I decided to be conservative and take a small winning trade.

Gold

I have been telling people for ages that gold will continue to rise during this recession, and as long as Egypt, Tunisia and other middle-eastern countries are protesting over their civil rights and fight for democracy, their economies and currency will be devalued, causing wealthy people to buy gold.

Therefore I placed a small order in Gold at 11pm 20th February, and expect it to make around £200-400 within 1-2 months. I could go for broke and place an order much greater than that however I don't want to freeze too much of my account in 1 position, because I wouldn't be able to trade during the week.

This is disappointing because I was planning to buy some as soon as I got back from my vacation in Spain on 28th January, in the 3 weeks I could have already made a much greater return than what I am aiming for now.

Previous high point for gold bullion is $1,427.30 an ounce, which I expect the market to break through within the 1-2 months I have said. I truly believe it can hit $2,000 before the world recession is over.

News to look out for tomorrow:

8:30am German Flash Manufacturing PMI

8:30am German Flash Services PMI

9:00am German Ifo Business Climate

Thanks all and will update tomorrow with the usual page layout! I'm still very tired and don't have the time to go through pictures and statements when it is already 1:00am!

Goodnight!