If you are new to trading and struggling at the moment … don’t feel bad.
This is the type of market, that destroys souls. Professionals are having a difficult ‘go’ of it. Directional swing traders are getting ripped to shreds. A candle-stick chart of indices of the last few days demonstrate the markets are one hot mess.
Newer traders are still trying to get over their fear of the 10% correction experienced earlier in the year. They haven’t believed in a rally that has proceeded to rip their short positions to shreds. We sank 30 points by the close of trading yesterday, only to rally in overnight trading. We continue the rally one hour into the active open … and then plummet. Then we are bouncing hard off the lows, with only minutes left until the weekend.
At the moment, we are firmly hedged. Whatever the ‘stock-market’ (I actually sort of hate that term) does is irrelevant as far as I’m concerned.
As we said yesterday … as markets swivel about, if we rally … we’ll profit. If we fall, we’ll profit. If we move sideways … we profit.