Friday, December 9, 2011

A euro summit that turns out as a non-event

A lot of traders were expecting high volatility today on the markets because of the European summit. As it turned out, the Europeans did not announce anything new to save the euro (no surprise considering it is a hopeless situation), therefore the markets behaved... well, as usual, i.e. went up and down to close virtually at the same place than the days before. For a daytrader/scalper like me, this is not a bad trading environment. I managed to do pretty well on crude today while making sure to stay away from the euro. Natgas was the black sheep during this trading session. For the last couple of years, this commodity has been in one of the most impressive downtrend that I have witnessed in my 11 years plus of markets observation and trading. Wish I had shorted this little s.o.b back in June and sat on it until now. Sometimes I envy the position traders for the kind of return they can make over a few months. But... this is not my style. Ain't patient enough for that... too bad for me. Result for today +$471 trading 1 contract (net of commissions). BTW, thank you for your comments! For those who think I should be trading more contracts, I totally agree with you. I hope to be able to garner enough courage to increase my size soon (been burned so bad in the past that I'm still scared I guess - I'm no hero). Have a good weekend!

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