60 trade 100% day trading challenge, using plus 500 as my trading brokerage, UK.investing for my charts which display Heikin Ashi candlesticks, Support and resistance lines, using price action and a little pinch of luck.
I just realised that at the beginning I said 60 trades not days like I have been referring to the last couple of blogs my apologies.
If you want to catch up and check out my previous blogs check out the bottom of this page or read more…
Hello again, I hope you’re still reading and enjoying this blog as I am so I will carry on regardless.
It’s day 5 already no contact from work about any jobs coming up so it’s back trading again my wife is at work early shift today so I’m logged in and ready for trading early today at 8am UK open,.
Trading update I have done 13 trades now
- 6 Winners
- 6 Losers
- 1 Nill
I’m well on my way towards my goal and been stressed, happy, sad the lot.
100 / 60 = 1.6% a day
1.6 x 5 days = 8.33%
23% actual so I’m doing quite well almost triple.
Hopefully, tomorrow will be a bit more of a success than today.
Trade 1 Short -£12.56
Well didn’t start well today though the market was showing strong signs of going down I made the daft mistake of opening a short at a support line see chart below.
Guess what it jumped and took my stop out then proceeded to make a new low just after that oh well silly my details are below.
Trade 2 Short £0.00
The market jumped straight back up to the line after going straight through it after it closed my first position so this should’ve turned it into a resistance rather than support so i jumped straight back in.
Shortly after opening, I made the decision to adjust my stop-loss on this trade to double my normal amount from 2% – 4%. Because the market is so erratic today it seems to be jumping 20 pips every couple of mins up or down.
I’m banking on the downside just because the price is so high and the platforms are pulling as much oil as they possibly can to make as much money as they can the API report last night showed an increase in inventories it isn’t always right but all the signs say it should be today the actual crude inventories are released at 14:30 UK time..
More platforms are coming online weekly, the short term trend is down I try not to look past the hour time scale as I’m a day trader not investing for the future.
If it takes out this stop that will be me finished trading for the day as my max risk for one day is 6% of my trading account so I don’t burn my trading account as I have before.
I decided once it had moved into a profit to move the stop to zero and I was stupid and didn’t close at 81.80 I wanted it to crash straight through it but it didn’t it bounced and closed me out at zero.
I guess that’s better than -£25 which I had set it at the beginning.
My first losing day 😪 but it could’ve been a whole lot worse I just got too emotional with my trades.
Having waited and watched for three hours for me to get £0.00 I threw the towel in.
I decided to do a couple of jobs around the house and remove myself from the market.
Always another day, after just taking a look at what’s happened today I wish had kept cracking on as it would’ve been a successful day.
But as I always tell myself tomorrow is a new day so let’s see what the market has to offer.
Not sitting and sulking at what could’ve been.
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