Posts Tagged psychology
The markets were in a range prior to the Fed announcement so I put in a long order above the range at 136400 and a sell below the bottom of the range 135500. Anyway, when the Fed announced a cut of 0.5%, the market shot up.. my long entry was triggered and I manually closed it when it hit some resistance at 137000.. I got out at 137025.. however the market did go to 138000 and then fell.
I took 26 prices.. phew! I don't know if this is a strategy which my trading mentor will be happy about b
January 30, 2008
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Today was a bit frustrating.. I entered two long trades as per the two green arrows in the attached chart.
This picture is how I feel today!!
The first trade I was seeing a move beyond the previous swing high.. stochastics were already high but I thought it wouldn't turn.. I was targetting around 136300 at this stage. The market was at one point about 10 prices in my direction but for some reason, I was convinced that it would go up more.. even when it dropped after bouncing along t
January 30, 2008
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I'm still on the simulator, I had emailed my trading mentor earlier to ask if I should go back to the live account since I had a good week last week. He told me to give it a few more days and see how I get on. I am glad that he did as I traded and traded and ended up with a substantial loss. It would have battered my self esteem if I had lost on the live account.
Still, I rather lose fake money than real money but it's still not a good show.
I guess, I'm still annoyed about the morning FTS
January 28, 2008
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