This is becoming unbelievable.. I traded both the S&P and GBPJPY today and both were winners.. this makes my total to 11 winning trades in a row. Considering the spreadbet company takes a spread either side of this trade, I’m doing remarkably well. I don’t feel as though I’ve become a super trader but I do accept the maximum loss that I expect per trade. I put on the trade, set the stop loss and mentally accept the maximum loss. This makes me feel less nervous should it go against me.. I know I can’t lose more than where the stop loss is and if I win, then that’s a bonus. I think this has really helped my trading psychology and allowed me to stay focused and not stress on the task at hand.

I also managed to get out at the top with both S&P and GBPJPY trades which feels great. With the S&P, I got in at 895.63 and got out at 897.43.. just under 2 points here but the stakes are 10x larger than usual with S&P trading, this made the equivalent of 18 points.

With the GBPJPY, I entered at 14551 and exited at 14602 for a healthy 51 pips!

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I was also watching the S&P as it was trading between a consolidation channel between 855 and 860. It could have been a long above the break of 860 which it did but I am so cautious and have been caught out by these sort of trades many times so I thought that perhaps I may enter on a pullback. The market looks like it is make a pullback now but the relative lack of strength when the price action went above 860 looked rather weak.. however, saying that now, it would probably shoot up…

I need to be completely confident in the trade and there is just a feeling of something which isn’t quite right so I’m going to stand back this time…. we’ll see!

Tags: daytrade, daytrading, futures, futures trading, trading blog

I saw an opportunity on the S&P, the price action had found a temporary base at just below 855 and the stochastics and MACD were indicating that a turn maybe on it’s way. I am always a bit hesitant when trading the S&P as my stake size has a minimal size. However, when one sees an opportunity, a good trader needs to take it… so, being the best trader that I could be, I went for it and went long at 856 or nearabouts.

My two winning trades on GBPUSD and GBPJPY means that I had profit in the bag and if I end up losing on this one I know that I will get annoyed. It’s always nice to finish with an ‘up’ day… and if I’ve already bagged profits, then why should I go and try and trade again risking profits? Well, as I mentioned, a good trader needs to take opportunities when they come.

My initial target was 860 but when it looked to flag, I got out at 859. The market then dropped to near the support line again before bouncing up…  if I was still in this trade, my target of 860 would have been hit but it could have easily not been.

So, +3 points on the S&P also with 3 out of 3 positive trades in the bag today!! Great stuff

Tags: 5 minute s&p chart, daytrade, daytrading, futures trading, macd, s&p trading, spreadbet, Spreadbetting, Trading, trading blog