Day 17 it’s the 22/11/21 on my day trading challenge trading crude oil, I’m using Plus500 for my brokerage, uk.investing for my charts which are displaying Heikin Ashi candlesticks and support and resistance lines with a little pinch of luck.
The challenge I set myself was to double £500 which I deposited on the 28/10/21 I’m almost down £100 atm but the first week I was up £160 so watch this space.
Welcome back hope you all had a great weekend and are all sorted and ready for a new week.
I’m going to trade less and put more thought into my trades this week as a lot of my previous 50+ trades have been rushed and daft mistakes.
Well I’m sat watching the market fly up it’s gone 40 pips already this morning see chart below.
But today I’m sitting on my hands and waiting for my chance to get in keeping myself busy but watching what the market is doing when it fits my strategy I will open.
Trade 1 Long -£15
GOOD OPEN – I feel that this was a good trade because it was heading down after a decent uptrend I have listed my reasons for opening my day trading position below.
The price I opened my crude oil position was 76.20 because below there are a few support levels to be considered.
The first been the one hour pivot line which is a support @ 76.11 which means the price might find support at this level and bounce up.
The next level looks like 76.06 – 76.03 have been a high before on 5 min chart so could into a support under the pivot price.
I also have my EMA set at 50 + 100 they are trending up on the 1 min and 5 min charts but not on 15 min or longer yet.
Traders also feel an emotional pull towards whole numbers so 76 could find support as well.
This helped my set my stop loss at 30 pips giving the market and my position a little breathing space.
My stop-loss It’s a little more than normal but it’s just giving me a good margin for error.
This helps and includes another support level should my position need it.
My trade went upto +£11 but now has turned around and back to -£3 so it looks like it wants to test my theory so let’s see what happens.
And closed at -£15 as always.
Trade 2 and 3 -£20.78
I did two more trades that both failed an I cannot be bothered to write about them same old scenario.
Stupid opens and panicked trades so now I am only going to trade £5 risk still 20 pips to try and protect my account and sort out my trades.
I apologise to people who have been following me but I feel like a failure now and just wasting my money opening trades and losing with the odd winner just isn’t working.
I didn’t think it would be this hard but as all the books and Gurus say it takes more than just opening a trade.
It takes discipline and a plan which I don’t seem to have either of so I’m signing out for a few days whilst I sort myself out and come up with a better plan for me to stick too.
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