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.

Make Me Some Money - 11th Feb

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Category: Emini futures, money, Trading