DAY13 R2383.84 -R1336.22
So printed out and relooked at want went wrong yesterday.
Firstly, the good.
I did see over a thousand gain at one time - but, was using ALL my margin - so was playing with fire. Big risk, big reward, big losses.
Did a very nice sasol trade that went perfectly according to plan - shorted then bought of a resistance level.
I was almost expect the my first account to be "blown" - bright side Is I get to live for another day
Buying/ selling in small increments did work on the scalping side.
The bad.
I was shorting an up trend.
Did not have a pre conceived stop loss - had I pulled out fairly early, I might have been able to travel the wave upwards and replace my losses
I did not know when the DAX (CFD) closes - so it was still running @ 20H15 last night - at that it had finally come down to my buy in area so could have exited with minimum losses had I waited - I did not want to be stuck with such a large position over night.
The first big move up really took me by surprise. Although I cannot be ready for them, I really need to plan for them.
The plan
I need to set stops and limit when entering a trade. Bit hard while scalping - work it of the profit loss column on a percentage basis?
I need to devise an IRON clad rule on how much I can risk per instrument - maybe 1/4 of margin at the moment.
Need to really FOLLOW the overall trend. I am getting caught out looking for reversals
Need to look for more swing type trades.