For those who follow the blog, you’ve noticed that the past few weeks I’ve not put on too many S&P trades. The reason being is that it is too easy to lose on the S&P (well, that’s what I find but that could be because I’m not too hot a trader)…  anyway, I have been watching every day as usual but just been really careful and I am trying to only enter if I see an entry based on price action.

In the past, I have been putting on trades when I am anticipating a move as the stochastics have been overextended… the stochastics are good but nothing beats price action…  all indicators are formed from the price action and they can be used as confirmation of moves to help your judgement in making a trade.

Anyway, I saw an entry today… there was a trend as you can see in the chart below.. I waited for the price action to move to the trend line and then shorted it. It fell quite nicely but then I was conscious that the market was about to bottom out due to where the stochastics were.. this happened to be a good move as it was the short term bottom as price action move the stochastics above the 20 level.

I shorted at 1356 and close out for +3 at 1353.

This bottom would have been a great long entry as the market is now currently trading at 1363!!

Tags: daytrade, daytrading, emini, futures, investing, live account, makemesomemoney, s&p, standard and poor, tca, Trading, trading blog, trading psychology

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