Week 3
Albert Einstein’s theory of relativity came into full force this week as the stock market took a turn for the worse. There was big losses across the board as many day traders took their short term profits from the previous couple of weeks. The US suffered there worst day of the year this week except for the crash in March following the virus outbreak. SPX500 and NSDQ100 dropped over 5% and the DJ30 declined 6.9%. This was partially believed to be because of a spike in COVID patients as many states in the country reopened.
The effects were felt in most sectors as Crypto currencies suffered around 4% average losses, all of the big 5 tech markets (Amazon, Apple, Facebook, Google and Microsoft) were down over 5% and Oil continued to fall to new lows. This had knock on effects around the globe as Asian markets also fell and Europe’s markets, likewise suffered noticeable losses. The combined loss of the tech giants alone was estimated to be around $270 billion alone!
So what did this mean for our Etoro copy portfolio?……
Fortunately for us, we are in safe hands! The accountant predicted a fall and somehow in a week of turmoil, we ended the week with a small $12 profit and an overall 2% profit on our trades. Currently our account stands at $1058.18 from our $900 outlay. For me, this outweighs our previous weeks, where we were making much more substancial profits as it outlines just what could have happened without this knowledge. We do still have a few open trades which are currently trading at a loss, but ‘you haven’t lost until you sell.’
The trades we do still have open are safe long term holds and we expect to see these return to profits in the not so distant future. It’s a time to tread with caution on short term trades as it will be difficult to assess how the markets recover this week. Most signs point to a profitable week, but we will not be getting carried away.
The Accountant has researched each of the 350 companies for the week ahead and he has compiled a list of ‘tips’ for the week ahead. Most of which are for medium to long term investments and there looks to be some solid value in each of these. Fingers are crossed for a profitable week ahead and i hope to write of our success next week.
Our private group is growing daily and we have added new Twitter and Facebook accounts with more avenues being considered. If you’d like to be part of our trading group, it couldn’t be easier. Click on our social media pages and drop us a direct message and you will be added straight away. You can sign up to Etoro and follow or copy trades by searching for ‘Rendog80’
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