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One of my all time trading wishes came true this weekend which was that a politician actually told the truth… not only did Alistair Darling say that the UK economy was in a bad shape he completely bombed the UK by saying
“arguably the worst” economic downturn in 60 years which will be “more profound and long-lasting” than people had expected
The economic backdrop presents Labour with its toughest challenge since the 1980s. “We’ve got our work cut out. This coming 12 months will be the most difficult 12 months the Labour party has had in a generation,” he says. But Labour has been lacklustre. “We’ve got to rediscover that zeal which won three elections, and that is a huge problem for us at the moment. People are pissed off with us.
Quote from the Guardian Online - http://www.guardian.co.uk/politics/2008/aug/30/economy.alistairdarling
I’ve said for years that I would love to be a fly on the wall when a politician looses the plot and Saturday morning that wish came true, in my opinion he might as well have said we are all going to hell to burn which might have actually had a lesser effect than what he did say.
The funny part of the whole thing was that some news reports I was listening to were saying that he was overstating what was actually happening and that AD is either very clever or very stupid
Which one do you think it is?
I Think he’s incredibly wise…you have to be prepard for the worst, then it won’t happen that bad…
Hi Ben,
I think no matter which way you look at it you have to take your hat off to him just for being totally honest about the whole situation.
Your right as well that you could say that telling us that it is worse than it actually is may be the key in a very interesting plan for what could be some bad times ahead for the UK and if we think its really bad now but then turns out to be only moderately bad for the UK then he will look like he has worked a miracle.
What he does from now onward will show us how this potential master plan if there is one will play out for the UK.
hi
where u see gbp in coming days?
thanks
Jari,
I always find these questions funny from my view (no offence meant)
First and foremost I’m a trader not an analyst managing my own money. I dont care which way it goes as long as it moves so I can take some pips out of it.
Where could it get to in two days time.
Downward it could get to 1.7500
Upward is could get to 1.8100
Do I care if it does one of those two things… not in the slightest.
Plan the trade, Trade the plan, that is what will make you money not guessing where it might be in a day, week, month or a years time.
Opinions are good but when you are trading they are best left outside your office.
For example My opinion was for some short term USD weekness which should have seen the GBPUSD rally… did that happen? No. Did I try to trade that opnion… certainly not.
So what did I do… shorted it, As mentioned on my videos I’m currenlty short from 1.8050, 1.8025 and today from 1.7845.
If I had stuck to that opinion and tried to trade that opinion I would be trying to buy a falling market.
So my point, you may be wondering… have an opinion, embrace it, acknowledge it…then put it to one side because thats not what will make you money