Cautiously does it – S&P Emini trading blog
For those following my blog, you would know that it is my 3rd time going live and I really don’t want to go back to the simulator.
As a result, I was extremely cautious in my trading… this can be a good and bad thing.
My first trade was a short at 134000.. I was so eager not to loose that I close the trade early for a net zero amount when it looked like it was going to go wrong on me. However, when I thought that the market was definately going to go down again, I shorted again but this time got a worse price at 133950.
I rode this to 133725 which was just above the round number and also near some MA lines on the 5 min chart. However, the market fell to 133500 or so.
When the market bounced off 133500, I was tempted to enter long. However, thinking of my positive +10 price profit from my earlier trade, I really didn’t want to lose any profit so I left the trade. This was really unfortunate as the price rallied from this mark… this is the blue arrow on the chart… you can see the stochastics turning in the 5 mins.. however, 15 mins at this stage was still showing a short.
I could have ended the day with +20 or so prices if I was less cautious but I felt that I really couldn’t take the risk of losing today. In other words, trading psychology affected me again today. To be a successful trader, one must be able to take all trades regardless of what has happened.
134950 should read 1339.5
My first trade was at 134175. I took 3 full prices from the move downwards. Initially I thought that the market would continue down to test 1330 but after see the market oscilliate between 1338-1340 I thought that I ought to close with some profit and ride the oscillation. Which I did for 2 more full prices. At this point I decided that after that I decided that if I was stopped out then I would switch voluntarily to the simulator.
My long was stopped out at around 1338 and then the price continued down to 1335ish. At which point I entered long on the simulator and pick up 4 full prices.
I am not disapointed that I switched to the simulator it as it can be quite a good move to test out ideas this way.
The aim of the game is to be consistent so that your backers increase your lot size!
Hi MB,
Thanks for spotting my mistake (again!)
I appreciate you posting your trades also.. how long have you been trading and are you doing it full time? Have you joined a trading academy also?
Alan 🙂
Yes I trade through an academy but I’m on the PT program. I have been trading for 8 years.
Hi MB, I guess you’re a bit like me then. I trade part time when I come home from my 9-5. Hope you’re doing well!