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When I top sliced Pace (LSE:PIC) on Friday and as it was, on average, 100% up. I effectively keep the remaining half running on for free.
Today it’s up again and I shall let it run some more. I’m bad at capturing runaway profits, and often too conservative, so I’m forcing myself to let the trend be my friend. There is a small possibility of a takeover on this stock, so who knows where the rallywill end.
However we must remember the annoying mistakes and forget the well timed sales, so hanging on is always the right thing to do.
Even so, I’m holding on.
I bought some French Connection today. It’s another very unfashionable cheap stock, whilst I would normally jump in but I took a poke at it instead and shall buy more if it swoons.
Also, bought more Barclays; bringing me up to a proper, but nonetheless modest, position.
As it stands the market keeps on being difficult and, although a few things are coming good, everything feels precarious.
I have always had a “silly trading” spread betting account. Over the years it has rocketed and collapsed and on balance I’ve never made a penny in it. But it has survived for over a decade of random punting.
Last year it was nearly wiped out by shorting the yen, a classic mistake of anyone who believes economics equals market destiny, at least in the short term.
It is now back up to near its highs thanks to a lump of Pace, also liquidated on Friday, and a sizable short Euro position. This recovery should worry me as when this account has peaked with a fat balance in the past a nasty hammer has fallen on it and smashed it back to peanuts.
Leverage is sobering, or rather the impact of the intoxicating effect of leverage is sobering, and this is one of the reasons I have a spread betting account to play in.
Play is important in the markets as in anything else, if you want to do anything seriously. Play keeps you fresh.
