Tuesday, 5 August 2008

Drawdowns and margins

Another day, another set of small drawdowns, brought on by the usual cardinal sin of adding too many positions with not enough margin. When will Flash Rabbit ever learn to hold his bets for long enough to allow them to do their work, and give them enough leeway not to get killed by turbulence? Getting spooked by the dow is one thing but the basic view remains correct - short gold (more success), long USD against EUR, GBP, NZD and AUD, and long the various equities detailed below. EUR/JPY short and NZD/JPY shorts both stopped out today - the former for a moderate profit and the latter for a moderate loss - but they'll get reinstated in the fullness of time.

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