I've been dabbling with "trading" for several years, couldn't get it to work, always losing small amounts, with some wins here and there.
Lately I've been trying to see where I've been going wrong. This week I had a couple of truly bad days, lost about 25% of my pot. but on Wednesday I had a Eureka moment. On Thursday, I was away again and right back into my bad habits and wrong headed ways. Realising I was going wrong, I refocused and by Friday I'd got back almost all of my previous losses.
When I say that I lost 25% of my pot, the pot is made up of roughly 50% starting stake that I opened the account with and the rest is winnings I've accumulated over the last 4 years. But as I say I've been stumbling in the dark, until now. I feel I am now ready to launch out a bit deeper, and test the waters. Any tips would be more than welcome.
On Friday I was up over £100 on the DOW, NO STOP LOSS..!!, went for a walk, basking in my new profit....came home, £100, had disappeared down to £2. Help..!! I looked at the charts hung on for grim death and made a profit of £104. Never again will I not set a stop loss.
What you could start doing is once up £100 like you were close out 50% of your position and bank 50quid then either move your stop to break even for a free trade then you cant lose or move ya stop to your entry then if you get stopped out at least you dont lose the full 100 cos youve locked in 50quid.
I know if it carries on in your direction you only have half your stake running and not your full stake but i've lost count the amount of times in the past(like probably everyone on here) when a winner has turned into a loser and i havent locked in profit.
Hope this is of some help.