Tuesday 9 July 2013

090713 The Start



P/L: +0.75%/£27.02 (without errors 3.35%) CAP £2793.83
Trades
1. (-1) "M" incorrect identification.  Use a line chart to help in identification, ensuring 2 definite peaks. But good money management.
2. (-0.6) LSH incorrect identification. Trigger should have touched 8SMA. But good money management.
3. (-1) "M" incorrect entry.  Correct entry = when price closes below low of "M" trough. But good money management.
4. (-0.55) A good trade.
5. (0) "M" incorrect entry.  Correct entry = when price closes below low of "M" trough. But good money management.
6.  (-0.5)A good trade.
7. (0) A good trade.
8. (-0.3) A good trade.
9. (-1) A good trade.
10. (0) A good trade.
11. (5.7)A good trade,  had to hold through a Rally but was expecting this after a cross down of moving averages.
Summary: Despite poor morning of over trading I managed to settle down in the afternoon session and book a small profit for the day. A good day as I am identifying my weaknesses so know where to focus my energy and can start updating my guide/strategy.
Negatives: I am poor at identifying chart action as it is developing in front of me. Solution: keep practising so I get better at identification and update my guide with the lessons I have learnt today so I am far less likely to make them again.
Positives: In all my trades I used good money management, never losing more than 1% of my account on any one trade. I have been able to learn and update my guide and now have a yard stick to measure my progress from.

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