Day seven of my 100% day trading challenge, I am using plus500 as my broker, uk.investing for my charts which are displaying Heikin Ashi Candlesticks, support and resistance lines as well as price action.
To follow my story check out my previous blogs at the bottom of the page or read more here.
I’m back at it looking to trade the market its jumped up this morning its 8:15am a little late start but let’s see what happens I’m more positive this morning about my trades and going to crack on like spok
My account is depleting but my spirits aren’t I’m going to keep on going if I blow my account I will put another £500 in until I have my trading tweaked and making a consistent profit.
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The big pot is my Normal ISA, Merlin is my Dog Instead of paying for insurance and my Lisa which is a lifetime isa can be cashed out when I’m 60 19 yrs to go read more…
Trade 1 Long -£15.90
The market looks like it’s heading up and has had a pullback to the support line so I opened a long position in the hope that the market would keep on charging up.
It did then it decided to kick me out again proving me wrong yet again oh well take the dog for a walk clear my head and let’s try again when I get back. read more…
Back from walking the dog and all is good again I’m happy with my open it’s just the market that kicked me out it’s trading that’s what happens I’m wrong but still have money in my account I just got off to a good start at the beginning of the week
Trade 2 Short -£12.73
Having sat for the last half hour with this position open and I’m realising the market is just going a bit crazy the last couple of days. It’s bouncing around the support resistance line at the moment but making big moves every candle on the 1 min chart about 10-20 pips need to know about trading terms Read more>>>.
The market just had a big drop at 10:48am I was at +£12 profit taking a breath thinking I’m on the right side of the trade.
I looked over as I wrote this sentence boom it’s back at -£2.
I think the big, big market players are out in force today and it’s showing I just hope I manage to hold out and make a profit.
Trade 3 long -£12.72
Well, not much to say about this trade it lasted all of about 10 seconds from opening I tried opening at the line as it was heading towards it, it went straight through and took the stop straight out.
It’s hard but let’s carry on regardless keep on cracking the whip and opening trades until we start getting green, not red trades hopefully some big ones.
Trade 4 short -£12.72
Getting a bit bored of this just carrying on opening and watching it close at my stop now.
It isn’t much fun doing it over and over again yet here I am doing it.
It’s been pushing a profit then turning around and kicking me out on every trade today I’m going to have another go after this then take a break for an hour or two if it doesn’t work out.
Trade 5 Long -£12.73
Oh well, that’s me spent done finished until I get back from my trip at work almost back to where I started.
In all the books and sites it says it’s hard to control and act out a good strategy and it really is.
Today I have realised how hard it is to keep positive even when you are on a losing streak it happens to everyone, it’s all about keeping your account intact and living to trade another day.
I carried on trading today but still controlled my losses A total loss of 12% of my account balance which is more than I’m aiming for but we shall see.
I have learnt my lessons the last few days I have traded
I had a decent win or even just a small one I stopped trading all smug and happy with myself but the market kept on going or gave me lots of opportunities that I missed out on because I stopped.
When I come back from work I’m going to commit a bit more as there was a couple of days where I could’ve had £100+ but only took £20.
We live and learn and I’m sure we have a lot more lessons to learn along the way but that’s why I am documenting it all so that we can learn and trade another day.
I know a few people are reading this now please give me some support let me know you’re reading
if you day trade do you have any pointers advice or questions.
All trades are successful The result is irrelevant whichever way the trades go.
It’s a success if you managed to stick to your plan and close at a loss or a profit
The main thing is to keep the profits bigger than the close you set.
Day Trading figures
Well after a rough and turbulent last couple of days my trading figures stand at 21 trades, 7 winners, 13 losses, 1 Zero
So my initial pot is still intact which is brilliant isn’t it really. As I have lost almost double the winners and am still just in a profit phew just gotta brush it all off and Monday will be a new day.
I’m just happy I didn’t quit my job yet to do this as 4% won’t pay the bills. If I had a £50,000 pot then it would be £2,000 profit, not £20 which doesn’t sound too bad does it maybe in 50 years by the time I’m 90 i might be able to pay myself a wage haha
It just shows with a bit more tweaking and discipline I will be able to make more and fewer mistakes.
Hope you have a great weekend and thanks for reading.
Make the most of your weekend guys and girls we are here for a good time not a long time.
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