This month:
Starting balance £300
Closing balance £1906
Well, that's another decent month under my belt.
139 trades
132 Winners
7 Losers (3 today!).
I've lost my nerve so have finished for the month. I traded awfully today. My RSI alert bleeped on my phone to alert me that the 5 minute candles were overbought. I ignored it, saw the index fall 100 points then shorted 3 times, each time from a lower level and each time I didn't have the courage to stick with it.
Immediately they went against me I closed them all (within two minutes) for the cumulative loss of 35 points. Had I kept them open for just 5 minutes they would all have made money.
It's interesting that I have recognised my feelings and have called a halt to the month a day early. Previously I would have traded on due to the volatility in the market but I've achieved everything I want this month so why jeopardise anything? Exactly.
When the mood strikes I shall trade again. In the meantime I must relax.
The Future
I have a short, medium and long term goal
Short term
Post consecutive winning months.
Medium Term
Add a £1 per trade per month i.e. £3 a trade for January, £4 a trade for February and so on.
Long term
Leave the funds build in my account to support the higher stake and progress to the point where I earn £10'000 month from my trading.
Ultimately I would love to host a regular seminar (where I can show my trading record from my platform to substantiate my profits) and prove to spread betters that it's possible, despite all the doubters to achieve success at any age coming into this game. I'd like to share my painful learning experiences to help others avoid the costly mistakes I made.
That's what I'd love to do. That's my target.
Good luck with your trading.
.
Monday, 29 June 2015
Sunday, 28 June 2015
Dax Daily Chart & Thoughts On My Progress
Volatility is a traders dream. With the news coming out of Greece IG have a 400 plus point drop showing on their Sunday book.
Here's a chart since the all time high of April 13th this year.
This shows a clear downtrend over two and a half months. Make of this chart what you will. It's taken 3 years to realise I'm a short term trader so it makes no difference to me if we're 1000 points higher or lower but for all you swing traders and longer timeframe traders the market has been revealing it's next move for some time.
If you take a position and hold for months or years this may well be a 'buy the dip' opportunity even though there may be better entry points below.
Personally its taken 3 years to get myself into a position where I'm comfortable just watching the market move and waiting for an opportunity to pinch a precious few points.
For me it's all about the points.
If for the last two months my stake was as high as when I lost big money I would have made my 3 years losses back in two months. That's how important points are and how fine the line is between total despair and fulfilling one's wildest most ambitious dreams. The potential is life changing as I've always thought and written of throughout my blog.
I will always be learning but there comes a time when one has to realise they have a sound enough knowledge base with which to push on.
I have reached base camp and continue to push on with total respect for the markets and a short, medium and long term plan that I will share with you in my next post.
Here's a chart since the all time high of April 13th this year.
This shows a clear downtrend over two and a half months. Make of this chart what you will. It's taken 3 years to realise I'm a short term trader so it makes no difference to me if we're 1000 points higher or lower but for all you swing traders and longer timeframe traders the market has been revealing it's next move for some time.
If you take a position and hold for months or years this may well be a 'buy the dip' opportunity even though there may be better entry points below.
Personally its taken 3 years to get myself into a position where I'm comfortable just watching the market move and waiting for an opportunity to pinch a precious few points.
For me it's all about the points.
If for the last two months my stake was as high as when I lost big money I would have made my 3 years losses back in two months. That's how important points are and how fine the line is between total despair and fulfilling one's wildest most ambitious dreams. The potential is life changing as I've always thought and written of throughout my blog.
I will always be learning but there comes a time when one has to realise they have a sound enough knowledge base with which to push on.
I have reached base camp and continue to push on with total respect for the markets and a short, medium and long term plan that I will share with you in my next post.
Friday, 19 June 2015
June Update + £1411 (£2 point)
Good afternoon,
I'm delighted to be the bearer of more good news, as you can see from the headline this has been another positive month.
I've been scalping the DAX reading the 5 minute candles. I have the 5 min chart open along with the 30 min chart and also the daily. I know support and resistance on all and the only indicator I am using is the RSI.
I trade two ways:
PHYSICALLY TRADING
1) I start a trading session by watching my screen and when I see overbought or oversold conditions I manually enter a trade. Timescale mostly from 10 seconds to around 2 minutes although I do let some winners ride for a maximum of 30 minutes.
RELAXING WITOUT PLATFORM OPEN
2) I have my RSI alert set up (IG platform) to sound on my iPhone when RSI is either 80 or 20. I also set it for support and resistance points I have identified earlier in the day. This means I can go about my day and only consider trading when market conditions give me my highest probability for profit.
This month I have made 103 trades, 100 winners and just 3 losing trades I manually closed.
I feel confident in my ability to read the candles and trade this way. I may not trade again this month as the most important thing is for me to post positive returns every month. The money os nto important, I'm more focused on the points. 700 this month is a good harvest. I have plenty of time to up the stake but that won't happen this year.
I had a bad losing month this year which actually was down to me starving my account of funds. Yes I made a mistake by trading more than one instrument at a time (I never do that now) but my call was the right one, just failed due to underfunding.
It's been a long and emotional 3 years but I can feel the change in my attitude to risk and my confidence in my candle reading.
I have always though that if someone else can make money from the markets SO CAN I. I was not about to give up just because I'd made mistakes. Learning is about making mistakes, recognising them and working hard not to repeat them. There's still a long road ahead but I face the journey with confidence and humility.
Whether you've been with me all the way on my journey or recently discovered my blog I'd like to thank you for reading and wish you much success in your trading.
I'm delighted to be the bearer of more good news, as you can see from the headline this has been another positive month.
I've been scalping the DAX reading the 5 minute candles. I have the 5 min chart open along with the 30 min chart and also the daily. I know support and resistance on all and the only indicator I am using is the RSI.
I trade two ways:
PHYSICALLY TRADING
1) I start a trading session by watching my screen and when I see overbought or oversold conditions I manually enter a trade. Timescale mostly from 10 seconds to around 2 minutes although I do let some winners ride for a maximum of 30 minutes.
RELAXING WITOUT PLATFORM OPEN
2) I have my RSI alert set up (IG platform) to sound on my iPhone when RSI is either 80 or 20. I also set it for support and resistance points I have identified earlier in the day. This means I can go about my day and only consider trading when market conditions give me my highest probability for profit.
This month I have made 103 trades, 100 winners and just 3 losing trades I manually closed.
I feel confident in my ability to read the candles and trade this way. I may not trade again this month as the most important thing is for me to post positive returns every month. The money os nto important, I'm more focused on the points. 700 this month is a good harvest. I have plenty of time to up the stake but that won't happen this year.
I had a bad losing month this year which actually was down to me starving my account of funds. Yes I made a mistake by trading more than one instrument at a time (I never do that now) but my call was the right one, just failed due to underfunding.
It's been a long and emotional 3 years but I can feel the change in my attitude to risk and my confidence in my candle reading.
I have always though that if someone else can make money from the markets SO CAN I. I was not about to give up just because I'd made mistakes. Learning is about making mistakes, recognising them and working hard not to repeat them. There's still a long road ahead but I face the journey with confidence and humility.
Whether you've been with me all the way on my journey or recently discovered my blog I'd like to thank you for reading and wish you much success in your trading.
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