Tuesday as it happened (recovered £200)

Trading Position - £4400

Welcome to Tuesday!

3pm

The DOW has been open 30 minutes and after yesterdays sell off at the close the index has stabilised at around 15970 so it looks as though buy the dips is still the order of the day.

I've scalped £180 so far and I'm inclined to keep my trading to a minimum today. More later....

4pm

My scalp from earlier was a long from 18979 which I closed at 15986 at £25 a point for £180. That's a decent day's return on it's own but should have been so much better.  My target was 16'000 but I've been hurt from my losses over the last few days and fear of losing a positive return made me close early. Sure enough it climbed to my target and peaked at yesterday's high of 16028.

Had I let it ride to my target I would have closed for a £525 profit. Had I had the balls to let it ride to my 2nd target of 16028 I would have made £1225. That's how I should be trading, having the balls to let a winning trade retrace a few points before hitting my target. Losing out on a winning trade I call feels almost as frustrating as a loss.

I'm now waiting for a retracement towards 16'000 before scalping long again, in fact my point of entry is 15990

6pm

I'm done for the day. I've made a positive return and I've had enough. There are news releases tomorrow (minutes from FED meeting) that I think will have traders adjusting their positions in readiness so best to take my leave for now. I'd be happy to scalp long on a retrace as we've had a strong rise lately.

My Mood

I had a late night and woke up late & relaxed about my trading. I had a good day yesterday and knew how important trading cautiously was today in building on the feel-good factor. +£200 isn't a bad day and I have to forget about chasing lost money and focus on today. I've done that and now look forward.

'til tomorrow