Opening balance £328
Closing balance £401
Day's profit £73
I opened my day with a near £50 losing trade thanks to my new use of stop losses. I could see the candle moving away from my desired range and it just crept to my stop loss. Had I allowed the trade to run a little further I would have seen it turn and put me in positive territory yet I did the right thing, I limited my losses.
Only yesterday I wrote about how my biggest loss wold have been around £50 had I used stops and today provided a perfect example of prudent risk. Nobody can know for sure that the index will turn back in the favour of your trade in 2, 5 or even 20 points, this way I am limiting my losses and that can only be a good habit.
Undeterred I went on to win a net total of £79 today, playing mostly between £3 - £5 a point.
I placed my first OCO trade just before the Bank of England's announcement about QE and sure enough the index climbed immediately on the news. I won around 7 points but had I not been so keen to protect my profit I could have comfortably harvested 20. I did the same thing on the way down, this time missing out on a tantalising 50 points.
It's still early though in my trading development, I'm still vulnerable from my losses and you can't argue with profit!
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