Weekly Review

Weeks profit +£160

Okay so it's miniscule but nevertheless positive. It's profit!

One of my goals for the week was to post consecutive profitable days. I traded 4 days and if you take each day on it's own merits I was profitable but my swing trade from Friday night close to Sunday night opening cost me £500. As I wrote earlier this week that will NOT happen again.

My scalping performance produced the following:

Monday +£270
Tuesday +£80
Wednesday +£150
Friday +£200

My week's performance

I traded very lightly and thoroughly enjoyed not constantly being 'in' the markets. Watching the price action without holding a position is educational, I make mental calls and watch how it plays and learn.

I called for a high of 16200 and we came within 25 points but my low was hopelessly wrong as we didn't even see 16050. That is evidence of the strength right now and any pullbacks this coming week will be viewed as buying opportunities. Pullbacks are a natural process as markets go on to make new highs, the only question for me next week concerns trader's patience as to how low they let prices drop before they prove too irresistible.

I'm developing as a trader every week. Last week (although not underlined in terms of profits) showed me I can trade lightly which I believe is a key component to me making money. One thing that concerns me is I post after a successful afternoon that I have finished for the day only to come in again before the close. Okay so I've been successful so far and I have written that my premium time for trading is the opening and closing 30 minutes, nonetheless if I make a decision then I have to stick to it, after all discipline is crucial to successful trading.

'till tomorrow when I shall post my weekly preview