Another Small Success

Posted by Deb | Day Trading Journey | Wednesday 5 December 2012 2:34 pm

Today I traded in the morning, when the American Stock Exchange is still sleeping. I opened the platform at around 7:30 AM, but nothing was moving so I closed and opened again at 11:30. Things were still moving slowly, but I identified a weak support line which I thought would be a good bet for the time and put an order for 2 positions.

The market was moving very slowly and I drifted away during other things. After an hour I checked again and found I had entered the position, and was currently losing as the market went one tick lower. I decided to wait it out, but everything was moving very slowly. Finally I pulled down one of my profit-taking points to one tick, and it caught.

I was not sure if I should wait more or not. The market was going up and down one tick and nothing happened. The indicators seemed to show it will go up a bit more but I lost my patience. I pulled down the second order and took again one tick, so overall I gained $25 over 2 orders.

Of course, a few minutes later the market went up more. Now it is one full point higher, so I could have taken $50 with that second order. Never mind, as long as I am not losing it is fine for me. Right now I only want to collect as much positive experience as possible before I go live.

I was going to close the platform now and then realized I had placed previously another short order on a higher resistance line. That’s one thing I have to remember: Cancel all pending orders before quitting!

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