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When the trend is bullish your strategy should be simple go long unless you see a FOUR BAR FRACTAL…
In a bid to get my trading back on track I’m trying to wean myself off copy-trading and go it alone.
After just over 12 months as a part-time day trader I am far from the finished article but I feel I know enough to turn a daily profit.
The only thing that’s holding me back is confidence.
Today was a good example of knowing when to take a trade — I feel I’m close to being a master of that — to not managing it well, I’m sort of in the novice stakes when it comes to managing a winning position.
My problem is patience and adding to winners.
I’ve mastered neither.
But, back to yesterday — I didn’t post yesterday, so here’s how it went.
I had the DAX breakout strategy orders in place for £50 a point.
It broke to the short side but lost for MINUS £450.
I didn’t trade the FTSE strategy because the Globex market looked weak suggesting a move to the downside off the open.
Unfortunately it won.
Then I traded with Tom Hougaard via his free live day trading channel on Telegram.
What a roller coaster ride that was.
So, very quickly, I lost an opening trade on the FTSE for MINUS £990.
I’m now in a sweat because my account balance was at a yearly low of £62,107.
A long on the DAX went the wrong way and we were lucky to get out for break even or PLUS £15.
I was still sweating.
And then we went long the FTSE, and added to the position.
I had £150 a point in total on a FTSE trade that took nearly 15 minutes to play out.
My god I was anxious.
The knot in my stomach was tighter than a noose.
But eventually we closed it for PLUS £397.50 and PLUS £510.
A morning of high drama had ended with me MINUS £67.50 in arrears trading with Tom — I had to ask myself was this really worth the stress?
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