Keeping the emotions under control – daytrading the S&P
Today was Fed day and I had come home after the announcement. I’m always a little wary of what the Fed does to the market but I entered long at 131000 after stochastics had turned upwards with a target of 132000. This hit target in a matter of minutes for 40 prices!! Hoorah! I kept on thinking to take profit at 10 points and would obviously be kicking myself if I had.
The market has since gone up further, another 40+ prices and still moving..
So, 40 prices taken.. I managed to keep control of myself which is great… I hope that I am making progress. Yesterday was a little bit of a let down but the trading system had let me down resulting in a loss and a subsequent loss after that which brought me to the trading loss limit for the day. My final trade yesterday was in the right direction and I had got stopped out before the move I was looking for.
Anyway, like casino, my large wins over the past few days may be fluke and a spot of luck. I guess it takes quite a bit of time to tell to see if I can be consistent.
well done keep it up
Thanks Harry!! I’ll keep at it! I am only too aware that the market conditions may suit me right now. The market has many personalities and for me to succeed, I need to be profitable (or at least be able to manage the risk) in all conditions. It’ll take time but I feel that I am making progress… thank you for reading!