It’s 22:41 on the 1st February and I’m feeling a bit deflated. The trading started so well then went rather pear shaped. I currently have a commodity trade running overnight, it’s at -£18 or so, hopefully it will head in the right direction.
I shall finish this blog post off tomorrow.
So tomorrow is here. And I should as just ended that trade when I started this post because the final loss was -£47.
What went wrong? I had made two profitable trades early on, was up about £36 and was feeling pretty satisfied. Then I made a couple of losing trades that got me back to about £0, this was annoying as if everything had gone perfectly I would have been up ~£200. Instead of just letting go and waiting for a good point to enter a new trade I placed a bid when the price was near the bottom of the channel – ugh! All it did after that was go up. Fortunately/unfortunately the system started asking me to increase my margin which I couldn’t at that point (I’d paid a bit more in earlier but it hadn’t cleared) so I closed the trade.
Lessons learned:
– don’t get greedy
– wait for high probability trades
Today: things are just as bad, everything I touch turns to loss 😥. Partly I think I don’t want to lose any money (I don’t have much!) and this fear of losing causes me to pull out early before the trade gets back into its trend.