Friday's bile
Aug. 19th, 2005 07:57 amI managed to close out my England-Australia position to guarantee roughly equal profit no matter what the result -- the grand sum of a fiver. Which I promtly spunked away in some spur-of-the-moment god-i'm-bored fit of madness on the favourite at some race at Del Mar at 11pm UK time. At least, I assume the horse lost.
I also closed out the last of my sterling-dollar positions yesterday. After being hit for just over a grand, I was eminently grateful to get back to virtually even by the middle of this week. Get out, I said to myself. You don't really need to hedge your dollar position, since you aren't planning on converting the dollars back into sterling any time soon.
Far better to choose to report the figures of PJBirks plc (sole shareholder, P J Birks) in both dollars and sterling, and then to focus on which one looks nicest.
That's not to say that my currency speculating days are over. I just won't keep a long sterling position when I think sterling is going to fall.
++++++++++
I also closed out the last of my sterling-dollar positions yesterday. After being hit for just over a grand, I was eminently grateful to get back to virtually even by the middle of this week. Get out, I said to myself. You don't really need to hedge your dollar position, since you aren't planning on converting the dollars back into sterling any time soon.
Far better to choose to report the figures of PJBirks plc (sole shareholder, P J Birks) in both dollars and sterling, and then to focus on which one looks nicest.
That's not to say that my currency speculating days are over. I just won't keep a long sterling position when I think sterling is going to fall.
++++++++++