reddragon's Blog

reddragon

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First Trade - over and done with !!!!!

Well - i've started my "Grand National" as a trader and fell at the
first - a loss of two points. It was a 28 min. trade on the Dow
where i got in too late and held on too long i.e timing all wrong.
Live and learn the hard way !!.
 
Fell at the first ? I dont think so, more like lost some ground at the first but remember the Grand National is the longest race in the country so plenty of time to catch up. The fact that you got out of the trade with a 2 point loss rather than a lot more means that you did the right thing. If you keep doing the right things, by cutting losses immediately, you will make money in the long run.

Good Luck


Paul
 
Second / Third trades

Hi all,
Had an afternoon off and TRIED to trade the FTSE - result
2 trades - both losses @ 8 pts and 20 pts. That makes a total
running loss of -30 pts. Since i'm only staking small amounts the
loss is not a big bite to my bank - but as someone wrote in
another post "there is a big difference between paper trading
( 4 months under my belt) and actually putting the money down"
The main reason for my losses i reckon i can sum up with
the phrase "Patience - my a**e - i'm gonna trade !!!"
 
...with you on this Reddragon. I began paper trading (SB the DOW) in March and ventured in at £1/pt throughout April and did OK. Last 4 trades have just about wiped out my profit, so back to paper trading a new, more disciplined system.

Good luck!
 
I think taking time off work to trade puts you in a difficult position. You feel like you have to justify the time and you start from the wrong place psychologically, it invites "have to" trading. You need some objective criteria to keep you out of the market when the conditions are wrong, even if you have taken some time off ;)
 
Fri 9th MAY

Hi,
A better day today all because i did my homework last night
re: Support and Resistance levels for the FTSE. So when the
index rose from 3912 i bought @ 3923 and sold 1 hr 20 mins
later @3938 for a profit of + 15pts. Now that the FTSE has
broken through the 3940 - 3950 resistance level i'l now look
to see if this acts as a support - IF - the index bounces on Mon.

Cheers !!.
 
Sat 17th May

Hi,
Due to work commitments i could only devote Monday and
10.00pm - 2.00pm on Friday to trading. Somehow or other, on
Mon. i did an SB on the DOW which gave a profit of +32 pts
whilst Fri. it was business as usual with one SB on the FTSE
getting a loss of -5 pts. My bank now stands @ +12 pts (%).
I keep notes of why i trade and i've noticed that all the
losing trades are the result of using 5 minute c/stick charts
whilst the profitable ones i've used the hourly and 15 min.
c/stick charts - live and learn !!!!????????
 
Yes you are finding out for yourself that you can't SB short term on indices :)

You need a longer view which your 15min and 1 hour charts give you :)
 
Sat 24th MAY

Hi,
Because of work i couldn't log on Mon until 4.45pm and so
missed the dive on both indices - however i did manage to
scavenge 1 trade on the DJ for a profit of +3pts. Then on Wed
it went pear shaped with 1 FTSE trade losing -5pts and a trade
on the Dow losing another -2pts. Thursday was another BIAS
day with one DJ trade -6pts down. On Fri i managed to sort my
act out and made +3pts on a FTSE trade. Looking back the
reason for these losses is simply lack of discipline and not
sticking to the plan - you become casual and think that you are
clever enough to start "winging it" - the result is that my bank
is down 7pts from +12 to +5pts.
 
W/e 30th May + W/e June 6 th

Hi all,
For the week ending 30th May i didn't trade because i was
licking my wounds after more than halving my profit the previous
week. Instead i paper traded.
This week i 've done 6 trades - all on the DOW with these
results : +5, -2, +3, +6, -2, +1 . My bank now stands @ +16pts.

Since i did my first trade on 5th May it's time to do my monthly
figs. Sooo... Total nos. trades = 17 9 losers with 8 profitable.
BUT i do admit that without the trade on the DOW which netted
+32 pts the balance would be in the red.
 
W/e June 13th

Well ! - GULP!! - it's been a bias week. I've done 5 Dow trades
with the following results : -5, +1, +2, -9, -6. My bank now
stands at -1. What's my strategy for recovery ???? - for the
rest of the night i'll consume 4 bottles of anti-depressant and
then i'll find a nice stone wall to bang my head against.
What today has done is to knock away any residual fantasies
that it is possible to be a hit and run merchant, taking a few
quick points here and there. Anyway it's going to be a weekend
spent revising.
Ps - the anti-depressants i'm taking are 4 bottles of FULLER's
Extra Special Bitter.
 
Thurs. 3rd July

Hi all,
I've been paper trading since Mon 16th June - so my bank
still stands @ -1. Hopefully i intend to re-start actual trading
next week.
Thanks.
 
Re-start trading !!

Hi all,
Well, this will be my first trade since June 13th.
I reckon today that the Dow will drop and so i've opened
an SB by selling @ 9236.


nb: Remember i'm a complete novice so don't follow the blind !!

Well - got it WRONG - BIG TIME, bailed out @ 9284 Loss = 48 pts

Back to the drawing board.
 
Hi Reddragon,

What entry/exit strategy are you using at the moment? I've only been trading since March and I'm probably on the 5th 'strategy'...maybe this time it will work, just maybe!

I'll gladly share my current plan with you which I've been paper trading. I'll send you a PM at lunchtime, if I get chance.

ChowClown
 
Try again !!!!

Hi all,
Reckon that Dow will go up - so opened SB by buying @9652
timed @ 10.32am

I dunno - everytime i post it's a guaranteed KISS OF DEATH
for that trade - my 3 previous trades (which i didn't post up
here) were all profitable - lesson learnt - keep schtum !!!!!!!!
 
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