I’m still on the simulator, I had emailed my trading mentor earlier to ask if I should go back to the live account since I had a good week last week. He told me to give it a few more days and see how I get on. I am glad that he did as I traded and traded and ended up with a substantial loss. It would have battered my self esteem if I had lost on the live account.

Still, I rather lose fake money than real money but it’s still not a good show.

I guess, I’m still annoyed about the morning FTSE trade I made where my stop loss was breached by just 0.5 point leaving me with a loss. It would have ended up in a nice profit otherwise. It’s little things which can cause you to lose and chase the market in the attempt to neutralise previous losses. It’s all about trading psychology… it’s what distinguishes the winners and the losers…

I enclosed the chart of the day… my trades are probably not worth talking about today as they were simply rubbish!

I’m going to keep emotionless.. if possible and live to fight again tomorrow!! Wish me luck!

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I put on a FTSE short this morning on my spreadbetting platform at 5780 with a stop at 5820.. it started off a bit dodgy and then hit my stop by 0.5 points before falling (5820.5)!!! Arrrgh! This is really annoying and I ended up nursing a 40 point loss.

The price is currently 5745 which would have been a nice profit at this stage!!

I should have put the stop a bit higher, I was thinking of it as it had previously bounced at this level. With spreadbetting companies, they move their spreads around also so I should have been wary of this but it also means taking a bigger hit if I’m wrong.

Oh well, it’s probably a reason not to trade also during the day when I can’t watch it properly!

Tags: buy, cmc markets, daytrade, finance, ftse, igindex, points, prices, shorting, spreadbet, Spreadbetting, stock market, Trading