I have been busy today and posted quite a few times in a short space of time!

Anyway, I entered another trade after the previous and make all the losses back to close at 0.3 points in profit! Hoorah, at least it wasn’t a loss!

As I mentioned earlier, I was talking about the head and shoulders pattern. It wasn’t a perfect pattern but as I write, the market has indeed reversed and hit my targetted endpoint at 1388 and indeed has gone beyond this!

In addition, I didn’t mention my Fibonacci placements.. you can see that the market hit an almost perfect 50% retracement level and went lower. There was round support around the 23.6% level so which was a good point to go long.

As I am watching the markets every day, I feel that I am starting to understand the mechanics of how it works.

My biggest downfall is my inability to hold a trade. Market movement is never in a straight line and zig zags up and down. I need to have the guts to ride through the zig zags and not get out at the next zig or next zag! My entry points aren’t bad when I am disciplined… however, I am let down by my eagerness to get out of a trade either through fear (scare to lose money) or greed (bag the profits I have for trades which are going my way).

Trading successfully takes time.. there are many steps and each day you learn from mistakes. However, sometimes what you think are mistakes are not mistakes but just probability or luck against you.. it’s in these situations when the lesson you think you take away isn’t a lesson at all.

Through this blog, which I use as a reference to my trading progress, I have material which I can use in hindsight to understand what I did write or wrong. In the heat of the moment when you are actually trading, it’s it difficult to see what you’re doing right or wrong.. through hindsight, I can spot my mistakes.

Tags: daytrade, daytrading, emini, futures, head and shoulders, investing, live account, makemesomemoney, peaks, s&p, standard and poor, technical analysis, Trading, trading blog, trading mistakes, trading psychology, trendline, troughs

I went long at the break of the previous high in the S&P at around 1378… I actually got in at 1379.48 due to the spreadbetting spreads which you pay rather than their commission charges… they move their spreads about meaning that you can lose half a point (in S&P terms) per transaction… and upto a while point when doing a round trip.

Anyway, the market went up and I got out at 1381.53 (I actually closed when the chart reached 1382 which was my target exit) for the equivalent of 2 points profit which isn’t bad.

However, as always, I took profit early and the market has hit a short term peak of 1385 and is now retracing but could look towards going higher again from here as it has gone beyond the previous days high. Still, a profit is a profit!

One thing which I need to be careful of is that I am and trading off the indicators more than the price action. It is the price action which is determining the indicators and not the other way round so I need to be aware of this. The indicators are great once you’re in to gauge whether the market is running out of steam and an exit point.

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

Hello all, sorry there has been no update for a while. I am trying to get myself set up again with a trading account with Interactive Brokers and to also find a suitable charting platform. The trading academy have closed my account and I had got used to their charts. I want to recreate the same look and feel with another platform so am searching for something. Something which I have used is the Sierra Charts platform.

I do have charts on my spreadbetting platform, however, they are rather clunky in comparison but I can still trade on them tax free.

I’ll let you all know of the progress and how I get on. I am determined not to let the trading platform episode destroy my goal in making trading work for me. I am annoyed about the trading academy but I am seeking measures to counter some of their claims. I don’t want to say too much at this stage as there are some legals involved but I will do in due course.

I am also enrolling in a trading course soon by Simon Grinter who I have talked about in the past. He holds seminars. I will let you all know how it goes and post results. If you would like to read more, visit Rainbox Forex. He has a live trading room which you can join for free initially and follow his live trades.. the results of these trades are published here http://www.s3scores.blogspot.com/

Tags: daytrade, daytrading, emini, forex, futures, interactive brokers, investing, live account, makemesomemoney, peaks, rainbox forex, s&p, sierra chart, simon grinter, Spreadbetting, standard and poor, tca, technical analysis, Trading, trading academy, trading blog, trading mistakes, trading psychology, trading seminars, trendline, troughs