Confessions of a local
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trader_dante
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Thursday , 12th March: 12:00 A.M.
"Two minutes".
That's the squawk.
The Swiss National Bank is about to make an interest rate announcement.
I have a long position in the Swiss Market Index. I've never traded this market before.
I'm in big.
My fellow traders wouldn't hold a one lot through Manufacturing PMI and yet, here I am, just over a minute away from one of the most volatile news announcements amd my position is valued at four times more than my total net asset value.
The armpits of my jumper are damp with sweat.
"One minute".
The SNB must address the issue of whether the Swiss economy will slip into deeper recession. Officials have indicated that they may consider quantitative easing. I have no idea how the market would react to this. But whatever the outcome of their game plan, I'm going to take the full effect of it.
In addition there is uncertainty over the viability of Swss Banking secrecy laws. The banking sector has already been hammered. And now everyone is waiting to see what happens next.
"30 seconds".
The market is starting to move up. It looks like the big boys have got something in advance.
"10 seconds"
Then the headline flashes across the screen: SNB CUTS INTEREST RATES 0.25%.
This is expected. But the SMI is rising. The move is up. I'm on the right side of it. My gains are significant.
We're coming right into resistance. I'm looking to get out just ahead of it.
I'm watching the offer.
But the market doesn't get there.
Suddenly, news hits the market: GE has been downgraded from AAA to AA+. There are gasps all across the floor.
The Dow has plummeted leaving one long candle wick which a handful of seconds earlier had a solid green body. The SMI pulls back 20 points instantly.
I hesitate a second too long but this time it saves me.
In the next moment the market is coming back strong. Despite its downgrade S&P said the outlook is "stable" for the company. The whiplash is violent.
Suddenly we're at new highs.
I hit the offer at 4574 and am filled on everything.
Price action foretold the news once again. Being right is cathartic.
I am calm now. I am out of the market. I have realised my gains. Later I am watching CNBC. The noise on the floor is quieter. I am tired. I have had a lunch high in Carbs. My energy is sapped.
One of the female presenters on CNBC captivates me. I have opened my eyes and caught a glimpse of her before she disappears and is replaced by adverts. I have not seen her before. She is beautiful. I am day dreaming about her.
I am not like other guys. This bothers me. I do not associate female beauty with fornication or procreation. In my day dream we are just talking. And I am entranced by her.
I realise this is slightly weird.
I am not sure if I am fully awake or asleep but amidst my reverie there is noise once again. And a lot of it.
The SNB is back on the wires. Now it is saying it will purchase foreign currency to weaken the Swiss Franc. A serious bid is going into the Euro.
I am back in reality instantaneously. The Euro/Swiss goes vertical as every single offer gets lifted. I'm pulling up charts. Euro/Swiss. Dollar/Swiss. Pound/Swiss.
The currency is getting hammered. The move is enourmous. I've got a level ahead of 1.5000. The price doesn't even pause for a nanosecond.
The five minute candle is almost 300 pips wide and still heading higher.
The adrenal rush kicks in. The violence of the move demands a response: fear and greed come together in some kind of twisted embrace.
I am only human. I feel greed. The move is fast. Vast amounts of money are being, and will be, made. I want to buy.
Yet I am a contrarian. If I can sell into a rally like this and price reverses I will make money and be a hero. My ego is big. I want to sell.
But I am a trader. First and foremost. Neither side of the market is safe. I know this. So I must do nothing.
And this is what I do.
The market goes up. And up. And up.
And I do nothing.
Yet.
"Two minutes".
That's the squawk.
The Swiss National Bank is about to make an interest rate announcement.
I have a long position in the Swiss Market Index. I've never traded this market before.
I'm in big.
My fellow traders wouldn't hold a one lot through Manufacturing PMI and yet, here I am, just over a minute away from one of the most volatile news announcements amd my position is valued at four times more than my total net asset value.
The armpits of my jumper are damp with sweat.
"One minute".
The SNB must address the issue of whether the Swiss economy will slip into deeper recession. Officials have indicated that they may consider quantitative easing. I have no idea how the market would react to this. But whatever the outcome of their game plan, I'm going to take the full effect of it.
In addition there is uncertainty over the viability of Swss Banking secrecy laws. The banking sector has already been hammered. And now everyone is waiting to see what happens next.
"30 seconds".
The market is starting to move up. It looks like the big boys have got something in advance.
"10 seconds"
Then the headline flashes across the screen: SNB CUTS INTEREST RATES 0.25%.
This is expected. But the SMI is rising. The move is up. I'm on the right side of it. My gains are significant.
We're coming right into resistance. I'm looking to get out just ahead of it.
I'm watching the offer.
But the market doesn't get there.
Suddenly, news hits the market: GE has been downgraded from AAA to AA+. There are gasps all across the floor.
The Dow has plummeted leaving one long candle wick which a handful of seconds earlier had a solid green body. The SMI pulls back 20 points instantly.
I hesitate a second too long but this time it saves me.
In the next moment the market is coming back strong. Despite its downgrade S&P said the outlook is "stable" for the company. The whiplash is violent.
Suddenly we're at new highs.
I hit the offer at 4574 and am filled on everything.
Price action foretold the news once again. Being right is cathartic.
I am calm now. I am out of the market. I have realised my gains. Later I am watching CNBC. The noise on the floor is quieter. I am tired. I have had a lunch high in Carbs. My energy is sapped.
One of the female presenters on CNBC captivates me. I have opened my eyes and caught a glimpse of her before she disappears and is replaced by adverts. I have not seen her before. She is beautiful. I am day dreaming about her.
I am not like other guys. This bothers me. I do not associate female beauty with fornication or procreation. In my day dream we are just talking. And I am entranced by her.
I realise this is slightly weird.
I am not sure if I am fully awake or asleep but amidst my reverie there is noise once again. And a lot of it.
The SNB is back on the wires. Now it is saying it will purchase foreign currency to weaken the Swiss Franc. A serious bid is going into the Euro.
I am back in reality instantaneously. The Euro/Swiss goes vertical as every single offer gets lifted. I'm pulling up charts. Euro/Swiss. Dollar/Swiss. Pound/Swiss.
The currency is getting hammered. The move is enourmous. I've got a level ahead of 1.5000. The price doesn't even pause for a nanosecond.
The five minute candle is almost 300 pips wide and still heading higher.
The adrenal rush kicks in. The violence of the move demands a response: fear and greed come together in some kind of twisted embrace.
I am only human. I feel greed. The move is fast. Vast amounts of money are being, and will be, made. I want to buy.
Yet I am a contrarian. If I can sell into a rally like this and price reverses I will make money and be a hero. My ego is big. I want to sell.
But I am a trader. First and foremost. Neither side of the market is safe. I know this. So I must do nothing.
And this is what I do.
The market goes up. And up. And up.
And I do nothing.
Yet.
Last edited:
arabianights
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Tom, you do know it was all leaked the day before, don't you?
Sincerely,
Chap who bought up Euroswiss on genuine surprise
P.S. You owe me some oral pleasure
Sincerely,
Chap who bought up Euroswiss on genuine surprise
P.S. You owe me some oral pleasure
trader_dante
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spanish is first in line
trader_dante
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Henrietta, there is something going on here that you do not understand.
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trader_dante
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Now Henrietta, I hope you are not trying to make me look like a liar who writes fiction all day.
trader_dante
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But just to clarify things (without making things too obvious, which you will know, I can't do for various reasons), let me send you here: http://www.trade2win.com/boards/695924-post4367.html
I find it hard to believe with your emotional approach to trading that you ever make any money. Perhaps you are just another book seller. A chart tells you nothing except where the market has been plain and simple.
Your little anecdotes are funny but thats it.
Let me tell you something that is plain to see. Prices move in trends some of the time.
and you should have a reasonable stop for when they do not. I could distill the whole financial trading library into that last sentence.
Maybe one other trading rule. Some makets have a high degree of correlation but a small player will never be able to take advantage.
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trader_dante
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Me too. It's one of lifes mysteries.
Not yet. But I'll PM you when my novel is launched on Amazon so you can put it on your wish list.
And where it's going to go...
Well they certainly weren't meant as educational...
Agreed. I always use a stop. It triggers when my account reaches zero.
I thought stops were for buses.
Who taught you how to spot and trade correlations? Stevie Wonder?
dont you think they exist ? stay away though tou ain't big enough
I would think trading while masurbating might be quite a thrill.
Not sure the markets are the best place to look for thrills.
most of the posters in this thread seem to be thrill seekers
trader_dante
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Hello mate, this is excellent; the best read i've had for ages (and I subscribe to Playboy.) Fptrader f*** off Tom's on here to help people and believe me I know more that mose what an unberlievable trader he is. You on the other hand are a c***! What is it are you jealous of the respect that Tom get's across these boards?
