The paperwork for DW's own account for trading CFDs with CMC has all gone through and she transferred an initial $1000 into the new account. She should receive her login details tomorrow and can then start trading on her own account. Her overall trading on my account had resulted in a net profit of AUD$348.08, on which I'll have to pay tax, probably at a rate of 30%. I'll deposit $243.65 into her account tomorrow, and leave the "extra" $348.06 sitting in my account so I can do some trading myself. I quite enjoyed "playing" the forex market, so I'll probably give it a go (at least until I've used up the $348.06 "margin").
The AUD dropped from around .838 to around .830 during the day - due(?) to the producer price index being flat for the last quarter, which led to speculation that the CPI figure due out on Wed will also be lower than expected, so the Reserve Bank won't raise interest rate again, after all. It was speculation of another interest rate rise that had allegedly been driving the AUD towards 84c US recently (although I think the dollar will still trend up as long as commodity prices remain strong, which probably relies on the China economy remaining strong. As China is hosting the Olympics next year, which is usually a fillip to the host nation's economy, I think the AUD still has a way to go in this uptrend).
But that doesn't have much to do with the short-term fluctuations in the AUD/USD spot exchange rate that we're actually trading. Of course my very first trade off my own bat did badly - I bought the AUD at 0.8333/35 thinking that it had bottomed and was recovering towards the 0.8340 level. It turned out that I'd bought at the local maxima, and when it continued to drift lower I cut my losses at 0.8323/25, crystalising a USD$80 loss. It's still bumping along with a slight downward bias, so I don't think I'll be trading again tonight.
Enough Wealth
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