I totally forgot about the Fed today, it was only when my trading mentor phoned up to tell me about it, I closed my initial trade for a scratch trade at 139725. Typical, they only call me up when they want me to do something.

Anyway, I waited for the Fed result to come out and watched it.. the DOW hit the 13000 mark and then sold off. The market then formed a triangle pattern before breaking out to the downside. I sold here at 139875 and felt dead proud of myself. The market didn’t do much for the next 5 mins but then tanked. My target was 139500 which got taken and I was left with a 15 price profit.

The market then hovered momentarily before falling further to 139000, and then again to 138500. This is rather annoying, as you can see from my previous couple of days, I’ve tried to let the market move and not target any price levels.

The time I decide to do this, the market moves so much further than my exit price. If I had got out at 138500, I would have taken a nice +51 prices! The markets have a habit of doing this, us humans learn our lessons from mistakes one has made. The problem with markets is that the mistakes you make change all the time.

The lessons I have learnt were initially to take a profit at a certain level.. then when I saw that the market would moved way beyond my target price, I then traded differently. I would put in my order and let the market move my direction and gradually trail the stop.  When I did this, I found out that the market would move and hit my stop… if I had put in my limit order at a particular level, I would have walked away with a profit. The markets are very frustrating and there is no right or wrong. The markets are extremely humbling and can really play with your confidence and self esteem.

Anyway, here is a close up of the triangle which I traded off.. note the lines joining the tops and bottom. 

Here’s the normal chart..

The end of the month is today.. the trading academy have not mentioned anything despite the letter they sent me… let’s see what happens.

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I figured that there is no point in grabbing small profits and also no point in getting out of a trade unless conditions change… I read that somewhere from a top trader in a book.

Anyway, I think my short was not a bad entry at 139325. The 1 min stochastics had eased off and the 5 min stochastics was indicating a sell. The 15 minute stochastics looked like it was turning. The market did start to move south and hit a low of about 139175 before moving upwards and gradually taking out my stop at 139600 for -11.

I should have been aware that in the 5 mins, the stochastics had turned for the worse.

My trading has been rather depressing of late with the fact that the trading academy thing doesn’t seem to be a possible thing for me to succeed in.

It’s always disappointing when you fail something but such is life. If you give up at the first failure then you’ll never achieve anything in your life. It’s a common notion that most things will fail and those 10% of things which make it way make up the losses.

Trading is a probability game… you will never had a 100% win ratio… the key is to manage those losses so that they are small and to allow the biggies to grow and grow. I am trying to allow the markets room for any biggish movements and not get out at the first sign of profit. So far, profits and success elude me but I’ll keep at it.

I am sure I will make this work for me sometime, the question is when!

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I haven’t heard anything from my trading academy despite me leaving numerous messages with them to call me. I have a deadline of the end of this month to bring my account to the black.

Anyway, I started my trading with a loss, -5 when I shorted at 140225 with a stop at 140400. As the market moved down, I moved my stop down to the previous swing high (bad mistake) and I got stopped out for -5. If I hadn’t been stopped out, I would have been ok.

Anyway, I entered again when the market went to 140225. This time the market did go my way and I closed at 139975 for +10.

My total for the day was +5.

It was a winning day but my winning days are relatively low and my losses are high..  I wish I was like Greg Coffey of GLG (I wrote about him yesterday)…  he probably made £600k today (if you consider he made £150 million in a year).

Tags: daytrade, daytrading, emini, futures, glg, greg coffey, investing, live account, makemesomemoney, s&p, standard and poor, tca, technical analysis, Trading, trading academy, trading blog, trading mistakes, trading psychology, trendline