[INTRA-DAY ACTION]
Sold out of BG. because it reacted badly to the 50 day ema, closed at 1248 and it's now at 1228 which is where all the lows have been over the past 4 days. If it finds support here from a solid intra-day pattern I might re-enter. Otherwise I'll look for support at the 100 day ema. Good lesson learned here.
Bad day across the board, the paper position on KAZ yesterday is currently a loser as the FTSE100 is down 1.7% this morning.
Update 12:25
Looks like I will have to stop trading soon. I was an abolute shambles today after getting out of BG. (which is recovering nicely off 1228), I went for an "absolute zero discipline and stupid ass" momentum play on EEL. It wasn't on my watchlist, and I thought twice, but I still lost the plot and entered.
Biggest trading mistake to date... well, after trp and seo (you'd think I would learn)..
No matter how good you get at TA, if you mess around with a small bankroll intra-day, you will always find yourself on auto-pilot entering these silly trades in attempts to boost your capital quickly.
Anyway, I entered at 29 thinking the shake was over for the day, and set a stop at 24. Unsurprisingly my stop was triggered, signalling the absolute daily low, and EEL has recovered to the 28p level. Down £450 in half an hour on EEL, down another £50 on BG. after selling out, and down £100 after my broker stuffed up an order for FGP.
The stop wasn't tight (12%), and it's not the fact that I lost money that I'm annoyed at. It's the fact I entered a trade focusing solely on the potential profits. Greed is the number one enemy in trading. I think decimiation is too strong a word to use for the effect on my bankroll, but I am now no longer in a position to trade effectively with a bankroll under 2k.
So I will have to get a crappy job somewhere, and take orders, and get paid bad money, and have to work all summer, and then have no time for anything else.
Anyway, that's probably a bit dramatic. I am annoyed at myself and it'll take a few days to get over it. To get good you have to handle the knockbacks, the bad calls, the prophetic stop loss fishing by the market makers and the days where you buy at beak and sell at low.
I think I might write myself a book..
Update 15:15
OK I've done some maths revision and I'm now chilled out about earlier. I made a mistake and I've got to move on lol.
Anyway, BAY showing good strength after breaking the trend line now at 241. FGP 2.5p away from original trigger point after double bottom at 508. VTG doing well at 677. AFR dropping now, paper loss at 102 and would kill the trade below 167. KAZ and BP both having a shocker today, both down 3.8% at the moment. CIEN on the US markets is up 1% shortly after open, it's reaching highs this week and is 47 cents off the trigger entry. RBS trying to hammer out some support around 245 on flat gains today. Floor on BG. looks to be between 1228 and 1232.
I took an entry into CHTR at 938, currently at 948 (my average price, and also the 100 day ema..). Price target at 1050, stop at 888. Very low risk reward ratio on this one, but I'm on tilt at the moment and looking to minimal volatility!
As I finish this update, FGP is trying hard to trigger entry (offers at 530) and so is MGCR (over 210 for entry). A lot of blue ticks across the board at the moment, with CIEN showing good strength with 40 cents to trigger.
Interesting note about market makers. The difference between the bid/ask on the US stock CIEN is 1 cent (half a penny) and it works out at about £16 per share ($20.5), and for the other US stock I watch (RIG) the spread is 0.3 cents on values of $144 (a 0% spread). The difference between a similar costing share on the FTSE, KAZ, is 5 pence. No wonder the US markets look so fruitful! What do we need market makers for again?
15:53
VTG looking stretched at 681, move a stop in to 661 to lock it in.
Bid/ask on FGP is 531.5 and 532. We're about to get an entry signal here. There it goes, OK we're cooking at FGP. Put in a stop for today at the double bottom at 508 with intent to move it to 525 or so tomorrow.
Good early call on the banks and airlines. RBS up another 3% on yesterdays 8, with the others dragging their heels a bit. BAY up 6% and EZJ 5.6%. Credit crunch still on, but the oil price must be down today lol.
Bad day across the board, the paper position on KAZ yesterday is currently a loser as the FTSE100 is down 1.7% this morning.
Update 12:25
Looks like I will have to stop trading soon. I was an abolute shambles today after getting out of BG. (which is recovering nicely off 1228), I went for an "absolute zero discipline and stupid ass" momentum play on EEL. It wasn't on my watchlist, and I thought twice, but I still lost the plot and entered.
Biggest trading mistake to date... well, after trp and seo (you'd think I would learn)..
No matter how good you get at TA, if you mess around with a small bankroll intra-day, you will always find yourself on auto-pilot entering these silly trades in attempts to boost your capital quickly.
Anyway, I entered at 29 thinking the shake was over for the day, and set a stop at 24. Unsurprisingly my stop was triggered, signalling the absolute daily low, and EEL has recovered to the 28p level. Down £450 in half an hour on EEL, down another £50 on BG. after selling out, and down £100 after my broker stuffed up an order for FGP.
The stop wasn't tight (12%), and it's not the fact that I lost money that I'm annoyed at. It's the fact I entered a trade focusing solely on the potential profits. Greed is the number one enemy in trading. I think decimiation is too strong a word to use for the effect on my bankroll, but I am now no longer in a position to trade effectively with a bankroll under 2k.
So I will have to get a crappy job somewhere, and take orders, and get paid bad money, and have to work all summer, and then have no time for anything else.
Anyway, that's probably a bit dramatic. I am annoyed at myself and it'll take a few days to get over it. To get good you have to handle the knockbacks, the bad calls, the prophetic stop loss fishing by the market makers and the days where you buy at beak and sell at low.
I think I might write myself a book..
Update 15:15
OK I've done some maths revision and I'm now chilled out about earlier. I made a mistake and I've got to move on lol.
Anyway, BAY showing good strength after breaking the trend line now at 241. FGP 2.5p away from original trigger point after double bottom at 508. VTG doing well at 677. AFR dropping now, paper loss at 102 and would kill the trade below 167. KAZ and BP both having a shocker today, both down 3.8% at the moment. CIEN on the US markets is up 1% shortly after open, it's reaching highs this week and is 47 cents off the trigger entry. RBS trying to hammer out some support around 245 on flat gains today. Floor on BG. looks to be between 1228 and 1232.
I took an entry into CHTR at 938, currently at 948 (my average price, and also the 100 day ema..). Price target at 1050, stop at 888. Very low risk reward ratio on this one, but I'm on tilt at the moment and looking to minimal volatility!
As I finish this update, FGP is trying hard to trigger entry (offers at 530) and so is MGCR (over 210 for entry). A lot of blue ticks across the board at the moment, with CIEN showing good strength with 40 cents to trigger.
Interesting note about market makers. The difference between the bid/ask on the US stock CIEN is 1 cent (half a penny) and it works out at about £16 per share ($20.5), and for the other US stock I watch (RIG) the spread is 0.3 cents on values of $144 (a 0% spread). The difference between a similar costing share on the FTSE, KAZ, is 5 pence. No wonder the US markets look so fruitful! What do we need market makers for again?
15:53
VTG looking stretched at 681, move a stop in to 661 to lock it in.
Bid/ask on FGP is 531.5 and 532. We're about to get an entry signal here. There it goes, OK we're cooking at FGP. Put in a stop for today at the double bottom at 508 with intent to move it to 525 or so tomorrow.
Good early call on the banks and airlines. RBS up another 3% on yesterdays 8, with the others dragging their heels a bit. BAY up 6% and EZJ 5.6%. Credit crunch still on, but the oil price must be down today lol.
0 comments:
Post a Comment