Hello and welcome to this weeks trading diary.
Update so far. As you may remember from last week, the system picked up some good, profitable movements in the £/$ pairing that I've been following. The trading account finished the week on £286.35. Now that isn't bad in the short time I've been trialling this system, remember, I set up the virtual trading account with £100.00, trading with .50p per pip (see blog entry from Fri 21 Jan). So now then, we'll move on to this weeks events, commencing Mon 7 Feb.
Monday and Tuesday 7/8, ended up as dead days as far as trading was concerned. My cable service broke down, so I was bereft of my broadband ( thanks a lot Virgin!). Still, it gave me a chance to concentrate on other work for a couple of days (thanks Virgin!).
Wed 9 Feb: Broadband back up and running, I logged into my trading platform to take a look. My signals were not giving me a clear picture, and the candlesticks certainly didn't inspire any confidence. They were very choppy in fact. I kept my eye on it for around an hour and half, and in the end, I decided to give it a miss. A mantra I've kept at the forefront of all trading/betting activities of late is "If in doubt, leave it out." It pays off, trust me!
Thurs 10 Feb: There hadn't been much movement in the pair overnight, but the indicators were showing an overall trend downwards. At 07:00, I set a short order to open @ 1.6070, aiming to get 40+ pips in the bank. The trade was triggered around 07:30, and it did actually reach the profit target I was looking for. However, I didn't close it. I moved my stop loss to 5 pips away from breakeven and let it run. It was a bad move, the pair reversed and I got stopped out with a measly 2 pip net gain. Not a loss, but a lesson learned.
Fri 11 Feb: The indicators were showing a significant move down in the pair. I sat and watched for a little while, as at the time of logging on, the candlesticks were moving against the indicators. By 08:30 I felt the climb had peaked, so set a short order to open @ 1.6050. This time though, I also set a profit limit @ 1.6000, I didn't want to make the same error as I did on Thursday. Between 10:15/30, the trade closed out at a profit. The pair did continue to fall, but I was happy with the profit I'd taken, besides which, I had other work to do. Being a Dad not the least!
In summary then, how did it fare? The week finished with a 49 pip net gain, taking the virtual account to £310.85. In retrospect, it could have been more had it not been for my lack of staying with a strategy on Thursday, but the system is doing its job.
The lesson learned here was don't get too impatient or greedy. The strategy has to be, let the system do what it's been designed to do, and stay within those parameters. Use another system to chase the big gains, for now anyway!
That's it for this week, have a nice weekend all, and stay happy.
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