This is what happens when you don’t put a stop loss in!
Lol, I was so shaken by that horrible spike! The price had been moving slowly but steadily upwards and I felt comfortable enough not to use a stop loss, my finger was on the button (okay, my eye was also on the reddit day trading forum). I glanced up only to see it shooting downwards and I couldn’t be sure it would come back up so pulled out before any more damage could be done.
In the end it did work its way back up, initially I was smarting too badly to take another stab but eventually made another trade (with stop loss and limit). Sadly that was also a losing trade, the price went lower and started ranging. I think I should have a minimum loss per day of about 5% of account size.
Annoying, I would have had at least £30 more.
I noticed there was a sudden increase in volume at 19:00 the previous days too, a load of buyers/sellers must come onto the market at that time – will bear this in mind for the future.
I’ve been doing okay with the LNG and will continue with that as my main focus on IG, the low margin and reasonable price moves makes it very attractive.
Commodities 2023-03-01T19:04:19