Hi all,

From my last performance which was pretty pants, I reviewed again what should have been done today. The way you’re mindset is determines how well you’re doing.. when you’re trading, it’s like an Olympic sport for the brain.

Just imagine your running a 100 metre sprint but the day of your race, you are feeling extremely tired. How on earth are you meant to compete on that day. When this happens, if you’re feeling tired, mentally exhausted and not your usual perky self, it is best to give trading a miss. I should have listened to my body today and just gave it a rest.

Anyway, looking at the charts again considering I missed the long at 154400, there was another opportunity.

You can see on the enclosed chart that the market just clipped the previous swing high but it couldn’t sustain it. As it falls back through the horizontal (at 154925) one should be looking to short it. In addition, if you look at the stochastics, you can see that the lines have crossed issuing another sell signal. It is these things which you have to keep note of.

You must select only the most juiciest trades to stand a chance. If you  miss the trade then you must leave it and wait for another.

I think I need to write out a trading log and plan to keep in my mind so that I follow some strict rules.

Anyway, have a look at the enclosed chart to see what I was talking about above

(click to enlarge)

Hi all,

Hope you all had a good weekend. I am exhausted and the market isn’t really doing too much right now. I shouldn’t have really traded as the mindset wasn’t correct today but I did. I made two losing trades at -10 in total.

The first trade was a short at 154650.. this is where the 5 day MA was. Usually, one should only really go in if you see confirmation of another support resistance line as a move off a MA is rather quite risky.

Second trade was a short off 154800.. I got in as the market had already fallen from this value, 154650. I had a stop at 154825 and this got hit for a -7. I really should have had a stop a little higher as there was a previous high here at this level.. perhaps my stop should have been a price or two higher. Anyway, as I watch the market, I would have got it wrong and that loss would have been higher.

In hindsight here, the best trade would have a long from 154400 with a target around 154775.

(click to enlarge)

Hi All,

I was thinking today about how I could test my trading strategies without actually committing my money on the markets.

Of course, there is a psychological different if you’re trading real money or a dummy account but I am aware of the psychology and can honestly say that I am able to treat my dummy accounts as real accounts and the psychology is the same.

Anyway, I found out that there is a fantastic site which you can use to test your trading strategies, it’s called Wealth Lab and can be found here, http://www.wealth-lab.com

You can test your strategies for all market instruments: forex, futures, stocks etc. Perhaps I should test my S&P emini trades here first before I commit myself!!

Hope you all had a good weekend!