Saturday, July 05, 2008

One Conclusion and an Update

I really came to this conclusion before but when I started making money in the last few months before June I drifted away from it: I'm not emotionally equipped to hold large trading positions overnight, I really need to focus on daytrading. I can't be awake 24/5. If I can't make sufficient money doing that, then I need to find a different line of work. My first priority now is extricating myself from the positions I got into. After that I'll focus on daytrading.

If you're wondering where June's report is, I need to get the distribution data from our Australian funds for the end of the 2007-8 financial year, before I can do it (THe Australian tax year ends on 30th June). Hopefully, we'll have the actual distributions next week together with an estimate of the associated tax credits. Towards the end of the month we should get an actual tax statement and be able to start on our Australian tax returns. In the meantime we're in a bit of a cash crunch with our Australian credit card maxed out due to covering Snork Maiden's immigration fee and available cash needing to be directed towards paying the rent next week. The next big expense after that will be buying tickets to go to China. Snork Maiden will be paid on Wednesday too. So from some point next week things should get easier cash wise. Of course in a real emergency we could borrow more or sell investments. But I don't want to do the former and the latter is a bad idea at this point in the market.

With losing so much money in the last month I really haven't felt like doing too much blogging among other things. The number of posts is probably a good indicator of my mood.


Rafi said...

I think you've had this conclusion before somewhere....

mOOm said...

Yes, I did, but I drifted away from it when I started doing OK.