First 5 days....

[JimyT]

Hi chaps,

My first five days of trading with real cash have flown by and am excited to report that I lost 10 points on one day and gained 15 on each of the other 4..........so a 50 point gain! Unfortunately I've only been trading £2 a point with IG but better than a kick in the nuts.

I use a 10 point stop loss which worked has worked out perfectly so far though the 15 point limit looks too low as I could of had atleast 20 on each winning day............infact today I actually put a 20 point limit on rather than 15 but unlike normal, I was actually watching the live chart today and like a muppet I paniced and exited after 17 points and of course I could of left it and the 20 point limit would of executed nicely - bloody emotions.

It's so tempting to go for £10 a point now but I'm gonna resist that temptation and start with £5 as of monday.

Useless post I know - just excited and wanted to share my news :cheesy:

Jim.

"Stop losses save lives"

 

[alpha_monkey]

Easy tiger. Slow and steady does the trick.

Well done but don't enjoy it too much
AM

Hi chaps,

My first five days of trading with real cash have flown by and am excited to report that I lost 10 points on one day and gained 15 on each of the other 4..........so a 50 point gain! Unfortunately I've only been trading £2 a point with IG but better than a kick in the nuts.

I use a 10 point stop loss which worked has worked out perfectly so far though the 15 point limit looks too low as I could of had atleast 20 on each winning day............infact today I actually put a 20 point limit on rather than 15 but unlike normal, I was actually watching the live chart today and like a muppet I paniced and exited after 17 points and of course I could of left it and the 20 point limit would of executed nicely - bloody emotions.

It's so tempting to go for £10 a point now but I'm gonna resist that temptation and start with £5 as of monday.

Useless post I know - just excited and wanted to share my news :cheesy:

Jim.

"Stop losses save lives"

 

[Charlton]

Resist the emotions ! Work to a predefined plan

Hi chaps,

My first five days of trading with real cash have flown by and am excited to report that I lost 10 points on one day and gained 15 on each of the other 4..........so a 50 point gain! Unfortunately I've only been trading £2 a point with IG but better than a kick in the nuts.

I use a 10 point stop loss which worked has worked out perfectly so far though the 15 point limit looks too low as I could of had atleast 20 on each winning day............infact today I actually put a 20 point limit on rather than 15 but unlike normal, I was actually watching the live chart today and like a muppet I paniced and exited after 17 points and of course I could of left it and the 20 point limit would of executed nicely - bloody emotions.

It's so tempting to go for £10 a point now but I'm gonna resist that temptation and start with £5 as of monday.

Useless post I know - just excited and wanted to share my news :cheesy:

Jim.

"Stop losses save lives"

Jim
I'm glad you've made some money, but remember it's only 5 days so far. You are right to make use of stop losses. You are also right to recognise that emotions can seriously affect your trading.

You would be wrong to rush ahead into risking too much per point after just a 5 day flurry. Your method of determining limits seems a bit haphazard at present - "well I could have made 20 points today but didn't so I will push it up tomorrow - kind of thing ". I hope there is some more technical anaysis behind the rest of your strategy, otherwise you will be hitting your stops rather more frequently than last week.

Anyway step back and look at what went well and why it went well. Build on that. If however it was just luck then stop relying on it. Luck comes with 2 adjectives - good and bad.

Good Trading

Charlton

 

[JimyT]

All points duly noted. Will give you all a report next friday on how progress is going