Depends how you define "professional". If a professional trader is someone who takes their sole income from trading then you can count myself and a few other people I know as professional traders who use metatrader. There are a lot of people who are very sniffy about it but have either never used it or didn't use it long enough to work out the value of some aspects of it. As for spreads, yes, spread betting in the uk usually means you pay more spread but I compared my dax spread at 0.8 fixed with Oanda with a guy trading futures and by the time he had paid commission the cost of trading for him was 9 ticks so who is better off? At the end of the day it doesn't matter what platform you use it's all about the money.
Get Long The GBP
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Depends how you define "professional". If a professional trader is someone who takes their sole income from trading then you can count myself and a few other people I know as professional traders who use metatrader. There are a lot of people who are very sniffy about it but have either never used it or didn't use it long enough to work out the value of some aspects of it. As for spreads, yes, spread betting in the uk usually means you pay more spread but I compared my dax spread at 0.8 fixed with Oanda with a guy trading futures and by the time he had paid commission the cost of trading for him was 9 ticks so who is better off? At the end of the day it doesn't matter what platform you use it's all about the money.
It's not about how to trade (green button to buy, and red to sell). It's about valuation. What tells you the pound is undervalued right now? The OECD? Economist's Big Mac index? Point being you must be foolish to buy the pound here, undercapitalized or not. In the way someone was foolish to have bought the lows early 2009. Such individual was lucky but most likely is not around anymore to play because a horrible way of trading was ingrained in such individual's mind just because it worked once. It took most large hedge funds months to start buying into the market after a low was covered firmed.
Now if you like to talk about investing (vs trading) then you have a point here given you are happy to potentially be underwater for years and wait years for a decent return.
But as it stands the content of your post makes very little sense.
Now if you like to talk about investing (vs trading) then you have a point here given you are happy to potentially be underwater for years and wait years for a decent return.
But as it stands the content of your post makes very little sense.
Well we'll agree to disagree. That is what makes a market after all. You do have a point that such a trade would be more position trading/investing so we can agree on that at least.
I've been doing this shit for a long time. It's usually best to just form your own valuation models (short and long term) and avoid the talking heads.
I dollar cost averaged back into real estate investments during a downturn after 2010 and now I'm sitting on triple digit gains. These days I can't lowball one property without getting laughed at.
As far as the pound goes, long-term I like it better than the dollar and stock indexes right now. Don't ask me why. I still have my day trading account and other assets/income sources to balance things out.
I dollar cost averaged back into real estate investments during a downturn after 2010 and now I'm sitting on triple digit gains. These days I can't lowball one property without getting laughed at.
As far as the pound goes, long-term I like it better than the dollar and stock indexes right now. Don't ask me why. I still have my day trading account and other assets/income sources to balance things out.
Exactly, so to those who know what they are doing there is money to be made in GBP in the long term. That was my point which makes perfect sense I think. (and I have to add that even if it does go to parity or lower a good trader/investor would still be in the game. It's a question of how you do it.).
good advice for you would then be for you to just stick to property investing rather than trading, because taking a day trading approach to buying the pound here will surely bury you alive. Let's look at it again in a few weeks' time and then in maybe 3-6 months and see what drawdowns you would have suffered in the meantime...
You say that as if drawdown is always inherently bad. Nobody suggested this is a day traders play.
I can daytrade anything that moves, as long as I know when the volatility expands. I stick to equities, because that's all I need. For me, taking advice on daytrading from you is like taking advice from a bum on the street. No offense
I don't think he got that point. An inexperienced short term trader who's trying to get short at the wrong time could also be losing their ass right now. It's all about knowledge and skill
profitlocker suggested that very clearly mentioning his day trading account. But of course I was only speculating. Fact remains it has always been a horrible trade to trade right into the abyss in the face of strong momentum...but hey, pound is only down 200 pips since OP. Only someone with extremely deep pockets and potential holding periods measured in years can afford to do so, Buffet comes to mind...I rest my case.