Learning, learning…

Well, have blown through the first little R4000 account and am now munching through the second. My second big lesson came courtesy of Anglo. As with my first DAX lesson, things where going well and then I got greedy. Here I went 500 short and kept it over night – next morning it blew past my stop taking half my account with it.

Now, had I stopped an hour or so earlier I would have been up a couple of hundred and the week would have been a success instead of the incredible failure it turned out to be. It all comes down to greed and loosing respect for how quickly things can change on the market.

One profit is being made, the tendency is to double up and make more – because it’s easy right? What I really need to do is stop or start using very close stops and/or smaller sizes to PROTECT, PROTECT, PROTECT.

I am really going to have to start showing some real discipline if I am going to make a career/ living out of this. Need to get professional. This is not a visit to the casino.

I need to start really thinking about my trades, take my time and start using what I have learn’t. It would help if I gave my self some time so should really be initiating trades on the 1hr – and only well reasoned carefully selected trades.

Once I get the account up to R2000 – and it’s sitting on R1300 at the moment will I put another R3000 in.

Time to start testing some basic systems – I have been very aimless, with using a vague signal or two coupled with gut instinct. Many has had a string of loosing trades with then one high risk trade bringing it back – but as shown, when the high risk goes the other way it slaughters me.

 

Discovery falling wedge :: 20 – 06 – 2016

Falling wedge, expected it to break low – but it broke high – now need to set stop losses.

09 Jan 2016

So first fill week of day trading – have lost about half my capital – but really enjoying it. I am learning a lot and can now start formulating if not a plan ant least some do’s and don’t s.

Pretty sure this is something that I can really sink my teeth into – a “job” that is my passion as well as my favourite past time – something I have been looking for my whole life.

Put it this way. It’s the weekend and have plans to get some studying done – because I really want to. Need to get really get stuck into technical analysis.

Although scalping is exciting – need to move away and be more a day/swing trader. Have completed the first week of the course – going well so far.

 

 

1st Jan 2016 ::

Well, really enjoyed my 2015. Was actually thinking it’s been my best year for a while – possibly ever.

But also looking forward to 2016 – quite excited about the trading – think I might have cracked the paying passion – but early days. Lost a bit of weight – ending on around 109kgs – would like to get to 100kg by the end of 2016.

Spent the night at the Nedeberg estate – like last year. Very enjoyable again. Think people around here has set of a lot of fire works by the state of some of the rooms. People are idiots.