The short entry was a good one.. however, in light of the strong uptrend I wanted to get out as soon as it hit any resistance and I got out at the round number 11600. The stochastics were also way into oversold territory so I got out and grabbed a measly 10 points.

The market however, fell further and is currently at 11583… trust my luck!! The hardest thing I think about trading is knowing when to get out..  I think it’s much more difficult than entering.

The other day, I gave up over 120 points on the GBPJPY forex pair which was also disappointing.

As I write, the Dow Jones has fallen further.. it’s now at 11577

Tags: day trading, daytrader, daytrading, dow, dow jones, scalping, short, shorting, Spreadbetting, supertrend indicator, Trading

Today was another disastrous day trading.. I have been trading on/off for over a year on this blog and I still am miles away from being successful. My stint with the trading academy showed signs of success before they terminated my contract (illegally… it’s going through solicitors currently) and recent courses have proved to be fruitful.

I know trading takes a long time to learn and although this blog has been running for over a year, I have actually been trying to trade for much longer than this. It seems that the same mistakes are made over and over again for me and that I never learn a lesson. The problem with trading is that there is no clearcut right or wrong… a winning trade doesn’t necessarily mean it was a good trade or vice versa… a good trade should be a trade which follows your trading plan and this needs to be developed. A trading plan is one which suits your personality and style of trading and then it must work.. however, the learning process is long and the directional path to success in trading is not a straight one but one with many misleading dead end paths.

Anyway, I am as persistent as they come but is there a point where you should say… “enough is enough? I am not cut out for this stuff”…  trading has been the hardest endeavour of my life so far and I can’t even see the light at the end of it.

Anyway, here are my trading entries today…

I bought when I should have sold and sold when I should have bought….. arrrgh! I am -40 for the day. Oh, I just made another trade.. long which then went south for another -20 (which is not on the chart) for -60.

Tags: daytrade, daytrading, dow, dow jones, long, make me money, make money, makemesomemoney, short, shorting, spreadbet, Spreadbetting, trading losses, trading psychology

I have been rather cautious with my trading as the markets seem extremely volatile whipsawing as uncertainty seems to take grip. As a result, I have been extremely selective in my trading and hence the rather less frequent updates on the website. However, on Friday, I did make a trade on the AUD/USD forex chart.

I traded this as I saw negative divergence on in the 4 hour chart on the stochastics as the market had hit a second high at around 0.9630. The stochastics also crossed and my trend signal turned red indicating a sell.

Nothing really much happened for a long time and then the market moved this Monday dropping… I closed out for +50 but the market reached a bottom of 0.9615 which would have make me an additional 50+ for a total of over +100…

Tags: audusd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, negative divergence, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog