Saturday, October 16, 2010

Taking Small Losses

The story was almost identical for last night, and the night before's trade summary.

On Thursday night, I had taken small losses (with a -1.50pts during outside trading hours) throughout the trading session, amounting to about a total of -2.75pts. By then, I was pretty frustrated with what was going on, and decided to finish off the night with a good trade setup. The situation presented itself when a counter-trend LONG came along. I took that LONG (at 1171.00, 10:16pm Singapore Time), and was rather happy that it resulted in a +4.00pt gain.

Last night, it happened again. A pre-market trade with a -1.00pt loss and two other trades with a -1.00pt & 0.75pt loss respectively. Unconvinced that PRICE was heading higher, before going down to establish a Higher Low, I promptly took a SHORT (at 11:40pm, Singapore Time) at 1173.00. I was rewarded with a +5.25pt gain.

I am just glad that with my first week back into trading futures, my old bad habits have been kept very much at bay. Removing my STOPs was one of them and I am glad to say that I have not done so, in all my trades, the past week. Impatience is another and to be honest, I think for this battle, I am only 85% there. Some of the small losses were definitely due to this.

In any case, I would certainly call this a good week & as I continue my journey, together with God's favour, I look forward to slowly but surely, build up my confidence and as well as my trading account.

Have a good weekend!


Anonymous said...

Hi Gerimegaly, I just ran across your blog and it looks good. Realizing your mistakes and improving upon them is what trading is all about. Glad your week ended well

Keep up the good work,

gerimegaly said...

Thanks for visiting.