When I’m feeling tired, it’s quite difficult to trade. I’ve been doing quite well of late with trading and sports betting and I haven’t been inputting everything into the blog. I’ve noticed that people who own blogs like mine with a target in hand use them to monitor their progress.. I am using mine as a diary tool so I can look back at my trades and learn from past mistakes. I have certainly noticed my trading improving immensely this way to the point where I feel confident that I am indeed successful as a trader. I am seeing consistent regular profits into my account and it feels great! However, I’m also conscious that I am getting lazy updating the blog… it’s almost as though I feel that my journey to consistent income is almost there and I want to spend more of my time making the money than documenting it. I’ve noticed that those who have blogged their rise eventually stop once they become successful… I certainly hope that this isn’t the case for me as trading is always changing as markets change and you have to adapt to it.

Anyway, today, I went long the GBPJPY at around 15550. I decided that this was a good entry as the stochastics had dipped and were looking oversold. In addition, I saw momentum pushing prices higher. The first target was the resistance level formed from the previous high at 15591 or so. However, I sold early at 15583 for 33 points.  My entry was good, my exit wasn’t so… I didn’t really follow the plan (I feel very tired after a long days work). The price right now as I actually write this post is 15618 which means I’ve left a good 35 extra pips on the table! The next price target is actually 15645!! If it does reach there, that’s 90 odd pips!

Nevermind… you can’t win them all!

Tags: currency trading, daytrade, daytrading, forex, gbpjpy, trading blog, trading progress

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