Well, a difficult week trading wise with no clear to trend to follow and scalping opportunities the way foward. After a meteoric rise on Monday via the Dax, the rest of Europe appeared weaker, brought up in the afternoons by the superbull Americans.
My first week trading of the year and some positivies and some negatives, and lots of lessons learned to carry forward to week 2.
Positives:
1) i got a lot of good entry points correct and bought into dips when i believed the market was going up, and vice versa.
2) my daily forecasts, in particular on the Dow, were accurate.
3) i cut my losses with discipline, as soon as i had accepted the trade was wrong.
Negatives:
1) i should have taken profits quicker on occasions. A couple of times i was well up on trades and held for more, in hope of a big ride up. In future i need to think more about taking profits gradually perhaps through a series of phased limits. That way i can let small stakes run and also bank a bit of profit. Remember i have modest profit targets each week.
2) although my forecasts were pretty good i did not listen to them often later in the day and had my opinion swayed by forums etc. Must retain my own beliefs each day.
On to week 2 and i am still moderately bullish for the markets. I expect the FTSE to challenge 5720 successfully this week, without any European news and possibly rise to 5800 by end of week. Of course trading at these times is difficult, we have to be alert to any suddent news from Europe to torpedo the markets.
No comments:
Post a Comment