Day 16 -18% Day Trading Challange

Well, it’s day 16 which is 18/11/21 of my day trading crude oil challenge, I’m using plus500 as my brokers, uk.investing for my charts which are displaying Heikin Ashi candlesticks, I’m also using support and resistance lines, price action and a little bit of luck.

On 28/10/21 I deposited £500 into my plus500 account, and I’m looking to double my investment day trading in 60 days in 16 days in and at -11% so isn’t quite going to plan READ MORE…

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Welcome back and good morning well yesterday was, as usual, a bit of a failure, it’s starting to grate on me now this is the lowest I have been now but the day is still young and I can trade some more later.

I just keep losing the market does the opposite to what I want of my stop is too small it gets taken out then drops so it’s either my open or my stop.

One of the main issues is over trading I’m managing to control this a bit better now but the second trade today broke two rules see conclusion for more details.

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Trade 1 Short -£10.44

GOOD TRADE – I got the kettle on had my porridge and set myself up with a brew gotta be a nice cup of Yorkshire tea to make you ready for trading. I

I managed to sit on my hands until 08:08 it had previously pushed through the support level (Yellow Line) and was on its way back up to it.

I kept wanting to jump in early thinking it wouldn’t touch the line again but I stopped myself and opened 1 pip off the line @ 76.70 see chart below for stock market terms and jargon click here..

The market dropped 11 pips I thought that’s it I will follow it down.

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Trade 2 -£15.65

STUPID TRADE – I jumped in yet again making my own lines and ego ring my rules.

I just don’t know why I do this it’s painful once it closes I look back and think why on earth did I do this no rules stupid trading.

As you can see above it had dipped found support at the line then continued up.

So what do I do open a short the opposite way to which it’s going.

And I was so clever instead of sticking to 20 pip loss I made it 30 because I have missed out before when it’s jumped 25-27 pips and then reversed.

Argh I could scream sometimes what a tool I’m not sure why I do this but keeps on happening.

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Trade 3

STUPID TRADE – I thought I was clever again on this I have the crystal ball the market is going to do this now but did it.

Well upto now no but I moved my stop even further on this one above the last significant high which was 44 pips above my open.

That’s -£21.78 if it closes out at my loss.

It’s just been very close to that but has given me some red candles so I can cling onto a little bit of hope now.

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Conclusion.

Well as you can probably guess it’s to stop changing things and stick to my original plan today I lost almost £50 in three trades which isn’t part of the plan.

So changes are going to be made next week and I’m going to stick to the plan I need more of my trades to stick to the plan and good trades.

Because then if they go wrong at least it’s sticking to the plan.

I didn’t trade Friday, and I just took a look at the charts and OMG it’s dropped a mile I should’ve made a good profit because the market trended and that’s when my strategy works best.

I should’ve recovered most of my losses and made a profit but I didn’t so it doesn’t matter I will just give it another go Monday.

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