Tuesday, 9 January 2007

A new job and inaccurate predictions of the candlesticks

First about forex. About 2 days back I bought into short positions on the EUR/USD and GBP/USD, pretty convinced that they will both start going southwards given the candlestick patterns. Strangely it isn't exactly happening yet. I do know that my technical analysis methods at this time are not yet well-formed, maybe even not having started to develop, and I have much to do.

At a certain point in time, I will be forced to look at the importance and integration of various market's opening and closing hours to make more informed decision. So this is a note to tell myself that's the next step to take.

In any case, the two pairs have started heading south again, but GBP/USD is still about 100 pips from my opening position. So following the advice of Firman, I have again opened another short position of equivalent value of the first one. So now my average buying price is 50 pips more than my previous buying price for GBP/USD.

My job, then, which I started yesterday night, was to conduct market research. The company aside, since I can't, ethically, mention the name nor the details of my projects, I did some calling to seek opinions.

To be honest I was amazed. Amazed at how badly I did. For close to 2.5 hours last night. I actually only managed to call about 30 people and have 5 willing participants. And, mind you, that means I probably could pay for dinner, transport to and from my workplace, and maybe nothing much more.

In some sense, my job seems brainless. Call people and ask them questions. As if that takes much brainpower. But I realised I don't have this set of skills - skills to engage the opposite person and to keep them interested. And I was ever told by some other sources that using the phone to convey messages is actually much tougher than doing a face-to-face, since all the information about you the opposite party can gather is but your tone, the words and maybe, as some say, from your smile.

So I'm not backing out. This is a battle I must win and have to win. Not exactly for my honour and experience. But also because this is a marketable set of skills I'll have to develop sooner or later. And I choose the "sooner".

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