New FX and Crude Oil trader

[fmahmood]

Hi,

I am a newbie and this is my first proper trading session today. I have £100 in my account and I have been putting 20p per point on IGIndex. This is my log:

DEAL 31/12/2010 JF8VKEAU Daily US Light Crude (Feb) 03-Jan-11 9122.5 £ -0.2 9142.5 £-4
DEAL 31/12/2010 JF8G2BAR Daily US Light Crude (Feb) 03-Jan-11 9142.5 £ 0.2 9121.5 £-4.2
DEAL 31/12/2010 JF8L8CAJ Daily US Light Crude (Feb) 03-Jan-11 9116.5 £ -0.2 9133 -3.3
DEAL 31/12/2010 JF8M4QAD Daily US Light Crude (Feb) 03-Jan-11 9142.5 £ 0.2 9117.5 £-5
DEAL 31/12/2010 JF8JA9AC Daily US Light Crude (Feb) 03-Jan-11 9134.5 £ -0.2 9142.5 £-1.6
DEAL 31/12/2010 JF8HRZAK Daily US Light Crude (Feb) 31-Dec-10 9145 £ -0.2 9135.5 1.9
DEAL 31/12/2010 JF8FFSAT Daily US Light Crude (Feb) 31-Dec-10 9159 £ 0.2 9197.5 7.7
DEAL 31/12/2010 JF8H43AC Daily US Light Crude (Feb) 31-Dec-10 9163.5 £ 0.2 9155.5 -1.6
DEAL 31/12/2010 JF779BAE Spot FX EUR/USD 31-Dec-10 13351.4 £ -0.2 13356.4 -1
DEAL 31/12/2010 JF8DUAAN Spot FX EUR/USD 31-Dec-10 13358.7 £ 0.2 13352.1 -1.32
DEAL 31/12/2010 JF7698AV Spot FX EUR/USD 31-Dec-10 13368.5 £ -0.2 13352.7 3.16
DEAL 31/12/2010 JF768KAV Spot FX EUR/USD 31-Dec-10 13379.6 £ 0.2 13374.6 -1
DEAL 31/12/2010 JF76GWAU Daily US Light Crude (Feb) 31-Dec-10 9137 £ 0.2 9112 -5
DEAL 31/12/2010 JF74YAAM Spot FX EUR/USD 31-Dec-10 13397.3 £ 0.2 13391.4 -1.18
DEAL 31/12/2010 JF7HVKAS Daily US Light Crude (Feb) 31-Dec-10 9098 £ 0.2 9134 7.2
DEAL 31/12/2010 JF67ZGAN Daily US Light Crude (Feb) 31-Dec-10 9049.5 £ 0.2 9080.5 6.2
DEAL 31/12/2010 JF68FZAP Daily US Light Crude (Feb) 31-Dec-10 9031.5 £ 0.2 9041.5 2
DEAL 31/12/2010 JF6Y45AK Spot FX EUR/USD 31-Dec-10 13417.6 £ 0.2 13410 -1.52
DEAL 31/12/2010 JF69A2AK Daily US Light Crude (Feb) 31-Dec-10 8981.5 £ 0.2 8993.5 2.4
DEAL 31/12/2010 JF6YVAAK Daily US Light Crude (Feb) 31-Dec-10 8957.5 £ 0.2 8972.5 3
DEAL 31/12/2010 JF6YJ3AS Spot FX EUR/USD 31-Dec-10 13420.8 £ 0.2 13415.8 -1
DEAL 31/12/2010 JF6TCAAC Spot FX EUR/USD 31-Dec-10 13394 £ -0.2 13401.7 -1.54
DEAL 31/12/2010 JF6YTTAK Spot FX EUR/USD 31-Dec-10 13385.4 £ -0.2 13390.8 -1.08
DEAL 31/12/2010 JF584XAD Spot FX EUR/USD 31-Dec-10 13371.8 £ 0.2 13388.1 3.26
DEAL 31/12/2010 JF6AYZAQ Daily US Light Crude (Feb) 31-Dec-10 8937 £ -0.2 8945 -1.6
DEAL 31/12/2010 JF5W9UAH Spot FX EUR/USD 31-Dec-10 13382.2 £ -0.2 13371 2.24
DEAL 31/12/2010 JF5ES5AL Spot FX EUR/USD 31-Dec-10 13379.6 £ 0.2 13382.3 0.54
DEAL 31/12/2010 JF4Z72AK Spot FX EUR/USD 31-Dec-10 13368.9 £ 0.2 13375.6 1.34
DEAL 31/12/2010 JF5GJFAN Daily US Light Crude (Feb) 31-Dec-10 8964 £ -0.2 8972 -1.6
DEAL 31/12/2010 JF436VAU Daily US Light Crude (Feb) 31-Dec-10 8956 £ -0.2 8964 -1.6
DEAL 31/12/2010 JF448ZAG Spot FX EUR/USD 31-Dec-10 13355.4 £ 0.2 13368.1 2.54
DEAL 31/12/2010 JF4UDFAG Spot FX EUR/USD 31-Dec-10 13358.2 £ 0.2 13352.2 -1.2
DEAL 31/12/2010 JF4SDTAE Daily US Light Crude (Feb) 31-Dec-10 8929 £ -0.2 8935 -1.2
DEAL 31/12/2010 JF4UZVAL Daily US Light Crude (Feb) 31-Dec-10 8936 £ -0.2 8930 1.2
DEAL 31/12/2010 JF4PA4AV US Light Crude MAR-11 9032 £ -0.2 9021 2.2

Total LOSSES -41.54
Total wins 46.88
End of Day profit: 5.34

I am using IG Index spreadbetting account and my last 3 trades lost me £18 but I place them out of hours. does that make a difference? Is there any chance IG Index are making up the prices out of hours trading? What can I do to reduce my losses? Is there any help on chart reading?

p.s. I was also trading on the demo account of Tradefair today at the same time for testing purposes and I have managed to make over £2k on the initial balance of 10k
Any other advice any one can give me, that would be very much appreciated.

Happy New Year to All!

 

[Hotch]

I would suggest you try to trade less. There's nothing really wrong about trading a lot, but to start with, I think you should try and be stricter with your trade entries to get in fewer trades. It's quite hard to help without knowing what you're doing, charts and reasons for your entries would help us help you.

IG aren't making up prices to screw you. A good place to start is babypips.com

Happy New Year!