I took one trade on FTSE today at half size, but doubled my stop and target. Actually the target was set at 30 points but it was not hit. After +25 points in profit I moved the stop to +20 and it was then hit.

Chart

+20 points

I hit my loss limit today on the FTSE so I’m done until tomorrow. I got stopped out by 0.5 points and then the market went to my target. Frustrating, but that’s how it goes sometimes in trading. I then missed a setup at around 09:20 (the failed double bottom) which would have brought me back to positive on the day, so I patiently waited for a pullback to get short. I got short and then was stopped out again, so best I stop for the day.

-20 points

I could get mad at my bucket shop broker for stopping me out at a price that the market didn’t even trade, but that’s how those guys work, and I chose them. I am looking to get set up by end of May direct market so I can trade the FTSE future on the real market. This should eliminate any funny business, give me better fills and faster execution.

I took a nice short this morning at 5515 on FTSE cash. We had a double top on the open and a bearish candle closing on its low. I moved stop to Breakeven as soon as possible and then it got hit (of course), then went on to my target. Grrr.

0.3 points profit!

I then saw a setup when we had a buying climax into the 5550 area on “positive” Greek news. Of course it was not really news, and the market sold off. I hesitated to hit market short at the close of the 5min pin bar at 5540 and therefore missed my target for the day. It’s hard to not beat yourself up about things like this but I’d rather have lost an opportunity to make money, than lose my trading capital. I’ve had a good week and it’s Friday lunch time, so a good point to call it a week. I’ve had two profitable weeks in a row since going live, so don’t want to spoil it now by taking a turd trade. No more trades for me now until Monday 14th May.

My trading in the morning session was embarrassing, but will post them here as I’m 100% open. The second trade was especially bad, it should have been closed on the very next candle but my ego got in the way yet again.

My two biggest psychological issues are:

1. Desire to be right, comes from self-righteousness, a personality trait that is not too agreeable. Not good in trading when the market is saying one thing, and I’m doing the  opposite. 100% ego based.
2. A hopeful outlook on life. I am very optimistic in my outlook and very hopeful about most things. This can be disastrous in trading as can lead to holding on to losers.

My other trades were acceptable, although the first one is borderline. Anyway, here they are.

5 trades on FTSE, +10%

Account grew by 10%.