Summarizing this Month

Posted by Deb | Day Trading Journey | Thursday 28 February 2013 11:57 pm

For those wondering, I did achieve my minimal expectations for this month. I did stay even, actually I did a bit better: I got a net profit of $100. Not much, but it is something for a start.

I haven’t had much time to trade this month.  Monday was Purim, a happy holiday with lots of activities and no time for trade. Tuesday I did some trading (making 1 pips over 2 contracts, so it was actually a small loss due to the fees), and Wednesday I again was not able to trade: The electricity in my house went down, leaving me without my pc and with no internet. Very annoying.

Today I had some time to trade, and did better. I identified a nice resistance line and put a limit order there, but just when the market was getting there my kids needed a ride to the movies. I debated with myself if I should leave the order and let the position manage itself, but decided against it. Of course, when I came back I found I could have left it, it would have made me over $100.

By that time the market was going down but I was not sure enough about were to enter. Finally I entered on one contract and made 5 pips – $62.5.

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Updating My Expectations

Posted by Deb | Day Trading Journey | Friday 22 February 2013 2:44 am

I returned to trading with big hopes, but tried not to jump forward too quickly. I renewed my trading account on December of last year, and started trading on the demo. I tried a few times to do live trading, but lost, so I went back to the demo and continued with that till the end of January.

During January I again did a few live trading positions, and had better results than on December: a few gains, one bigger loss, so on the end of the month was a little bit smaller than on its start, but not with a big difference.

This month I started live trading. I didn’t want to have too much expectations, so I told myself I will be content with a little profit every day. I hoped I will have an average of $30 per day so that on the end of the month I will be $600 richer.

It started good. I was making nice small profits, following my plan, but then on Thursday I didn’t quit my position quickly enough when the market was going against me, and lost about $150. I told myself this was expected, and updated my expectations to be $200-$300 profit for this month, so that my account will be back where it was on December.

Friday I made a very small profit. Monday was Presidents day, and Tuesday and Wednesday went well. Than came today.

I opened the trading platform and saw the market hurrying down, though it seemed to be towards the end of the dive. I tried to refrain from going in, telling myself it is stupid to jump when I do not know how far more the dive will go, but finally I couldn’t wait and jumped in.

Of course, just then the diving stopped. The market went up and I quickly quit with a small loss. Then I tried again, lost more, and by mistake pressed for another buy which I immediately sold out.

Finally some time later the market went down. Had I waited I would have made a nice profit, but of course I had no way to know.

My lesson is of course I have to keep my discipline. This is so hard!

Anyway I had to update my expectations again. This month I will be happy if I stay even.

 

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My Update

Posted by Deb | Day Trading Journey | Thursday 7 February 2013 5:56 pm

It’s been a while since I’ve updated here. Last time I was trading I gave here an update almost every day, now for some reason I feel more shy of it.

Anyway, I have been trading, mostly on the demo, almost every business day in the last few weeks. I feel still unsure of myself, thus my profits are low, but except of a few days – one of them with quite a big loss on the demo, on a day I was not following my own rules –  I have been make profits.

I made a few more live trades, and they were also not bad. I am steadily regaining confidence. Today was annoying: I knew I was closing the trade too early, but I have been enough in the position and wanted to get out already. I made $75 over 2 contracts.

I have also started trading live on eToro, on which I have written here some time ago. I decided I have nothing to lose: On the demo I made about 12% in a few months without doing anything: When I first signed I copied a few of the traders, and than left it there without doing any checking or initiating any positions myself. It’s a better revenue than any other savings account in my bank, so I put some money there. Not much, but if live trading proves to be fruitful enough I will probably move there more money from my savings.

eToro currently have a nice promotion: You get a $20 gift cards to start trading if you join through the link of this banner here:

 

Now’s the time to try out eToro – the most user-friendly forex platform online.

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