Welcome to day two of day trading crude oil using plus500 as my broker, uk.investing for my charts which display Heikin ashi candlesticks, support and resistance lines and a little bit of luck.
My mission is to double my account make 100% interest.
I invested £500 last week and i hope to achive £1000 within 60 trades read more…
Today 29/10/21 I have traded three times today two losses one win.
Profit £28.85 For today
Below is the screenshot of my trading account at the end of the day….
Trade 1 Long Position -£9.72
The first trade of the day I sat down at about 9:30am which was bit a later than I wanted but had chores to do again..
I sat and waited, as they tell you to sat on my hands watching what was happening desperate to open a position.
I don’t know why I do this I wind myself up, its something I need to stop doing its actually one of my major flaws that will empty my account quite rapidly.
In my head I wanted to open on the line as seen below $82.70.
What actually happened was I did quite the opposite.
I opened at $82.83 so 13 pips higher than I wanted and guess what the market dropped and took my stop out but.
that’s why we use a stop loss them to control my losses and keep funds for the next trade.
Don’t get upset and beat yourself up about it it’s control and that’s what we are trying to do.
it’s actually quite hard not to change extend or hope that if I don’t set a stop.
All will be ok but I have tried that in the past, it doesn’t work very well sometimes maybe good sometimes maybe bad…
Trade 2 Short Position -£12.79
My second trade of the day was just as reckless as the first but if it had gone my way I would of been happy lol.
“MUST HAVE MORE SELF CONTROL“
But that’s not the way to trade we need to use a strategy not just guessing and opening a short here a long position there and hoping for the best.
On the chart below the yellow line the support line I panicked because my last position had closed and it was now below this line.
so me been me a smart arse who know what the market is going to do jumped head first into the next trade.
A short asap and guess what it bounced up and closed me out yet again argh got far too upset I’m never trading again…
At this point I decided to take a break and ignore what was going on and get to writing this blog and took the wheel of the car as it’s been making a grinding noise.
I need some distraction that is really why I started this blog. To help me break down my trades.
See what went wrong and to try and stop myself from making those silly human mistakes.
I came back reassessed the market changed the lines and tried again.
Trade Three Short Position +£51.47
Third trade of the day it actually opened itself whilst i was having lunch i had adjusted the pivot lines and set my auto open on plus500.
The trade sticks with my strategy and opened when it should so I’m happy with the outcome.
The trade produced 102 pips for me what’s a pip read more…
That’s a 1:5 win ratio I am aiming for a 1:3 ratio anything more is a major bonus.
I held out on the trade I wanted to close at £22 cover my losses and get outta here.
Then £32 yeah I made a tenner let’s do this but decided at 100 pips £50 enough is enough no point in loosing this don’t risk any more of my fund and closed phew and relax.
The screenshot above was taken about 15 mins after my close it looks I managed to pick the bottom of that wave.
The chart above is for the full day 5 min heikin ashi candle sticks you can see small increase when I closed at 13:20 but you can also see that it dropped to the next support pivot line.
Which is another 50 pips lower but I’m still happy with the outcome.
|Weekly trades||Profit – Loss||Total|
|29/10/21 Trade Three||+ £51.47||£551.73|
|29/10/21 Trade Two||-£12.79||£500.26|
|28/10/21 Trade Two||+£14.10||£522.77|
|28/10/21 – Trade One||Loss -£9.18||£508.67|
Support and resistance lines
A line below the current market price is support a line above is resistance.
The market falls towards this level and finds support at that price or increases and finds resistance as that point.
I will explain how I find theses lines another day as this blog is getting long.
Well having only traded two days this week a total of five trades and three of those where losses I still achieved a profit of £28.85.
So I’m going to be signing off for the weekend and back and ready to go on Monday.