60 Trade Crude Oil Day trading challenge, using Plus500 for my brokerage, UK.investing for charts. I have set the charts to display Heikin Ashi candlesticks, Support and resistance lines, which I use in line with my strategy that uses price action and a pinch of luck.
I set myself this challenge to prove to myself I can do it I have been watching the markets and dabbled a little here and there and mainly lost.
Read books seen the possibilities and tried and tried again so now I’m doing it if you want to follow from the beginning Read More…
Here we go again its day 6 now and I’m still in a profit so that’s a good sign. But I’m starting to fray at the edges thinking I cannot do this and it’s just all been luck after just having another loss.
But I’m sticking to my guns and going to carry on and get trading today, I’m feeling apprehensive about opening trades now for some reason I need to get over this and just open when it fits my strategy.
If it fails move on and look for the next opportunity.
I’m heading back to work on Monday, for a week so will be unable to trade offshore rubbish signal.
So you will get a break from me for a week maybe a little longer but I will be back and trying again until we get that £1000 trading account.
Trade 1 Short -£12.56
The market was heading up quite rapidly but a previous resistance line was just above I opened at the resistance line 81.62 hoping for the stock to return back to the downtrend.
It did a little, I decided to set an auto profit close at the line below and let it do its thing. Whilst i took the dog for his morning walk and came back to a loss 😪.
Argh just shake it off and carry on trading the next could be a loss or a profit who knows.
Trade 2 Long +£16.21
On that note, I opened a daft long position without any support or resistance lines nearby.
I’m just setting my stop at 20 pips as usual 2% of my account balance and going to see what the market does.
This follows my second strategy which is a maybe it will, Mabey it won’t.
Well, Yipee it shot up to +£7.56 I’m a god I’m amazing I can predict the future get that Bugatti well Mabey MacDonalds on pre-order.
Oh hang on a minute, I popped to make a brew why does it say -£7.56 now what I’m shite cancel the dinner the world is going to end.
I held out through the dips and potential turnaround but I had to go pick my son up from college so I closed my position at +£16.21, not the £45 I was aiming for at the next resistance point as you can see below.
Unlike the first trade which went against me, this one would’ve worked and went through the line but I’m still up for the day and I can still trade later
I do this all of the time let it become a rollercoaster when I should just trade and get on with doing something else that’s one of the main reasons for doing this COD mobile didn’t help I would rather get a win than close a position haha.
Trade 3 Short -£13.32
Opened up my third trade of the following the trend down conforming with my strategy again but I have opened at 4pm again I’m pretty sure this is the most erratic time of the day as I was just at +£12 and looking forward to Mac Donald’s again within 3 mins -£13.32 taking out my stop.
Wow, that happened fast and wasn’t ready for it I was looking and checking where the trade might head and to my surprise it took my stop out.
Trade 4 Short -£19.65
Set an auto-open at the next resistance line 80.82 and it went straight through the line and because it isn’t a guaranteed stop it closed at -£19.65, not £12.45 like I had set it to.
That’s all my losses done for the day now I have lost more than strategy wants I wanted but still controlled my account and not over traded or lost all of my funds.
Traded four times today total loss was only 7% only 1% more than my max so my strategy is working well and i am happy with that.
I lost three trades the winning profit trade closed too early worried about what happened in the morning it should’ve covered today’s losses really.
The first trade was ok good open the market just showed me differently.
The second trade was ok didn’t let it run long enough
The third trade daft just wanted to trade so jumped in
The fourth trade was a good trade opened at the line and the market proved me wrong
All in all how I felt when I started the day it finished. I maybe should’ve listened to myself and not traded today but I still have tomorrow until I head away for a week.
After all, it’s not £1000`s is it it £1`s that’s why I haven’t put a large amount in as I need to prove my trading works and I get myself in the right place for trading
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