Going On

Posted by Deb | Day Trading Journey | Friday 2 July 2010 5:56 pm

When I first opened my Transact platform today the connection was not good. Since I didn’t feel like moving my laptop to the living room to connect by cable I decided to wait till later. Luckily, when I opened it again sometime later the connection was good again.

I started my trade with a quick short position (short in direction and in time) on one contract, which gave me $50. This encouraged me and I looked for the next position. I entered my next position some time later, again as a short. There were a few close support and resistance lines so I put 2 contracts on two close lines. The first caught, and a few minutes later the second too. But then, instead of going down, the market continued going up.

With some hesitation I added a third contract on the next resistance line. It got caught, and in the next few minutes everything looked good – the market started going down and I hoped I will soon be able to be out of the position. But no, it went up again. As the potential loss began to grow, I decided that by my new restricting rules I have to get out of one contract before adding another in a higher point. I did that, making a loss of $112.5, and added one higher contract, so that I was again on 3 contracts, but with better positions in respect to the market. In the end, this loss made today’s profit less than it could have been (and the trading longer), but I am glad I did it – better a small loss than the risk of getting to a bigger one.

I had to wait patiently for another 15 minutes till the market went down again. Finally it did, and I made a profit of $100. Or actual $212.5, but subtracting the previous $112.5 it was $100.

Since I wanted today a net profit of more than $100, I got into one more position. It took 2 more contracts, but finally I got $162.5.

So, those are my adventures for today. Looking forward to a good week of trading next week!

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1 Comment »

  1. Comment by lucille — July 3, 2010 @ 2:18 am

    Great website and great information. You are very knowledgeable about this topic and i can’t wait until we come back and visit your website again!

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