A Good Day

I've funded my account to enable me to play at £10 a point.

I've read extensively, watched youtube trading videos til the wee small hours of the morning and played many different trading styles over the last two weeks.

My trading style is to read candles and draw trend lines to guide me, that's it. Price action. I'm a firm believer as a speculator that the price is all I need to know, to observe and then react to. I have to be aware of news events that will affect the market however I'm not an investor, I'm a scalper. For now.

I know my character, what excites me, enthralls me, what I'm most comfortable with and that's siezing an opportunity the market gives me.

My target today was 10 points.

That's it.

I had bloomberg on at 7.30am and my account was open for trading at 8am. I know I have all day to make the points so whatever time they come is irrelevant and whether they arrive in one lot of 10 or in three smash and grab raids makes not a jot of difference.

I missed an obvious downward trend for the first half hour but my impetuosity has let me down in the past and I reasoned that even if I miss 30 points (which I did) Ionly need 10 and another opportunity will present itself.

My patience was rewarded as when I was sure the trend was continuing I entered a trade 'short' (immediately losing 5 points on a retrace) and closed out a few minutes later with all 10 points.

9.15 and my day's trading complete. What a lovely feeling.

I was tempted around 4pm to check the state of play and I could see another obvious opportunity to pick a few points, experience however told me that more important than winning a few extra pounds was the discipline in keeping to my trading strategy.

Had I played and lost the damage would have been far greater than the potential of making a succesful trade.

That shows me I am capable of maintaining absolute discipline (I know that already as I have proved in every area of my life) when trading and that will be a huge asset in my trading future.

I can enjoy the weekend knowing I had a plan and adhered to it.

I'm excited about Monday when I shall be playing for another 10 points although my account balance now allows me £12 a point. I know I won't always open with winning trades and it will put me under pressure but if i stick to my strategy, play defensively, eliminate greed and continue to educate myself I am increasing the odds of becoming succesful.

Final thought: It's not the number of points that matter so much as the value per point. If I was playing £2000 a point I'd have made £20'000 this morning before breakfast.