Cable thoughts

[Alex-the-Gr8]

This currency has been overbought forever - I'm actually looking for a major correction. I do love fish and chips and Bass Ale - but this rampant speculation, with europe's weakest economy makes no sense. GBP, come on down - you're the next contestant on "The Price is Wrong!"

The Pound weakened across the board and was the only major currency that did not join the rally against the Dollar. The Sterling failed to hold gains after peaking up and shortly plunged to the lower levels following the release of the UK Industrial Production that showed a non-expected decline in August to the lowest level in 17 years, adding to speculation the economic recovery in Britain will reduce. Overall, GBP/USD traded with a low of 1.5875 and with a high of 1.6048.

 

[Cyclon]

I think you have posted in the wrong subforum

Beginners - Take Note

I think you have posted in the wrong subforum.

This is the Beginners Bootcamp. It is ok to speculate
or pontificate about why you think the market is wrong
in many places on the forum.

But trust me the market isn't ever wrong and it would
be a very bad influence especially for a beginner to
even allow that thought into their 'trading' mentality.

IMHO you have just 'misplaced' your post...

... or you have
done a disservice by deliberately putting it here.

If you yourself are a newbie then I must thoroughly
demolish the idea that a disciplined trader regards
markets as 'wrong'.

Cheers,
Cyclon

 

[Alex-the-Gr8]

An interesting response . . . .

Although I am new to posting on FXPA, I'm certainly not new to investing having worked as a Vice President for one of the largest banks in the USA/World. I am still figuring out what goes where - and I also figured newbies may benefit from some very general pithy currency comments. (But I stand corrected, so thank you). Perhaps directing me towards the right forum would have been nice.

If we take a macro look at investing - markets have indeed been wrong. (Madoff, Enron, Lehman, etc., etc.). Currencies too - I think Soros almost collapsed an entire currency, no? Actually more than once.

Indonesia rocked by currency collapse - World, News - The Independent

But hey, what do I know? I've been Series 7, Blue Sky and insurance licensed for over 16 years and managed over $100M USD.

And finally, because I'm a funny guy, my closing comment was based on a US television game show - "The Price is Right." I prefer wit and wisdom = more fun to read. So, newbies - take note, trading is FUN. FXPA is a wonderful site dedicated to keeping this "under-regulated" industry in check, so you can enjoy your trading.

 

[Pharaoh]

I think my esteemed colleague was worried that newbies would adopt the mindset of "the market is wrong and I must be right". That sort of attitude can have a deleterious effect on account balances.

That being said, I often do hold the personal opinion that the market is wrong, but try not to let it influence my trading decisions.


If you've got some predictions about the market shifting (from wrong to right, or vice-versa), the Market Predictions and Reports folder is the best place to put those.

 

[Stony]

"Deleterious" - a great term!

Stony

 

[Ricex]

Yes lets hear what your predictions are for the future Mr former banking vice president of a very big American bank, some of us are aware of what wonderful investments you gentlemen have already been making in the financial world with your series 7 licenses.....

...Oh and do try to make it as pithy as possible, like your USD/JPY recommendation to go long at 88.25.... it's now at 90