Lost My Way & My Money

Tuesday's balance £1500

Friday's balance £75.

I've not posted for a few days as I've been so dissappointed with myself and I wanted a few days to give myself time to reflect.

I basically made the cardinal sin of reading other people's opinions on blogs, including a daily chartist's post and allowed myself to become influenced by their opinions and charts..

I've discovered I'm most comfortable trading short, by that I mean bearish and every time I have made a big loss has been because I've thought the market was ready to drop. When I read these opinions and they co-incided with my own I was chomping at the bit, deservedly I wiped out.

I have to remind myself that when I keep things simple, when I read the candles, draw very short term trendlines and respect obvious horizontal support and resistance lines I make good trades. Proof being the 7 out of 8 days I posted positive results, some days making 10 succesful scalps in a row.

I have allowed myself to indulge in the mid to long term future of the index when all I really need to concern myself with is the next few minutes and base my trade on where the index has been heading for the previous few minutes.

That's it.

So, even though I still believe we are in for a massive correction I have to be satisfied to scalp trade.

Having made my weekly target by Tuesday I should have remained on the same path, happy to scalp a few points and would surely have made my £2000 original stake back by Friday. Instead I post today, yet again feeling stupid and humbled.

Although I am angry and frustrated with myself this episode has not put me off for one second. I know I can and will crack this but I simply have to forget about where the index is heading, if it drops to 4800 and I'm not on it so what? All I need do is scalp.

Scalp.

Scalp.

Scalp.

Pffff.

Finally, this entry will make interesting reading when I return to it in the weeks ahead.