Week 5 DAY 29 R-5526.76 R473.24 R-29.82 (I expect R4000 to be paid in today)
So, first day on the new system - opened up with a win, excellent. Then about 4 losses in the morning session - and then three wins in the afternoon. All cancelling each other out and just leaving me with the fees -
I do think, from here on in, I might just do updates weekly as it's going to be pretty boring - with no big losses or big wins planned.... But we will see how it goes.
I am pretty happy with the way January went on the whole. Had a couple of expensive trades that where in the black, turn red so quickly I just could not deal with them. But it made me think about and then implement, a proper risk strategy and know why I am implementing it. So now I would be quite happy moving R100K into the account knowing I can control the losses.
I would say, over the last month, if I had exited all trades when I was up or down 1.2%, I would be slightly up or would have broken even on the month. It was my exiting that was the huge problem - trying to let the winners run, but on the whole, watching them reverse, and then refusing to sell them until they really hurt. On the whole, going against the trend and looking for reversals cost me.
February is going to be all about trying to find a good setup(s) that work with the trend and then carry on using strict money management. I am going to carry on using 1.2% as my limit/stop although I should really be managing the trade when i am in it with a trailing stop once i get to 1% or so. I might start doing that at some point in the month but at the moment I am more interested in if the trade works or not vs. how much it works.
Once entering a trade, it can ether loses a lot, lose a little, break even, make a little or make a lot. I've had huge problems with the first one. But I think I have now got a system where I will eliminate it from the equation. The next three, will probably cancel each other out so it will be just a matter of letting the winners run once I get a system going.
My preference is still with day trading as this eliminates the often massive gap that happens often in the morning. I like the idea of getting in making a couple of bucks then closing of the day. I do know that the real money would come from swing trading but I'll let time and experience take me down that path.
I have learn't a massive amount from when I started out a month I just hope it carries on.