Tom, I do not pretend to be an expert, but I predict that the pooch is going to re-test 435 level and then down to 320. No guarantee that the 320 support level will hold. Did DRD not publish a sens annoncement that it's last quarter profits were down some 92% or so? That is enough reason to tank, no? If it does test 435 level, that would be a good chance to dump the dog. Only my stupid opinion, do your own due dilligence.
only the bravest of the brave or should I say investors who are in for the long haul dare enter now. Speculators..this is russian roluette, you never know when the next shot is loaded. There is no logic in the market at the moment, pure panic, speculation and erratic trending. If you want to loose your money, nows a good time to fiddle with geared instruments...those things started this mess in the first place
Agree with DR. Also, futures trading is for day traders only. holding overnight futures positions is very risky because the gaps are forming in excess of 5% sometimes. This leaves you with a very real risk of your stop losses kicking in. Futures are also not cheap at the moment. With up to 50% margins, you may as well buy shares cash. At least you can switch strategies to a long term hold if the price drops on you.
Many of the the oldest and worst mistakes in this post - having the attitude that "the price can't go any further" when it can (and more often than not does), position sizing (how can one have R20000 in an account and end up with a negative balance? Answer: only poor money management - if your stop loss fails (which you should be prepared for) you'd better not have too large a position), saying that trading is "fun" (trading should never be fun, it should be seen as just a way to make money - the sooner you learn this, the better). Really sorry to hear about your loss, but just remember that in the long run it will make you a better trader!!!