Newbie Trading Journal

[ken979]

Hehehe, I'm actually starting to trade :clap:

After all the studying, I'm starting to trade :clap::clap::clap:

I'm doing spread betting, so far I put a 10 pence trade on vodafone group PLC

I going long at 181.73

I put my guaranteed stop loss at 177.73, under moving average.

The market turning againt me :-0

Right now its at 180.6 🙁

On the one minute chart, the trade seems to be going against me, i don't want to get stopped out 😡

On the daily chart and weekly chart, it looks like the trend is my friend

we see how it goes

 

[ken979]

I closed out my position and made a very, very small gain.

I don't know what I'm doing but it seems like I'm learning lots :cheesy:

Interestingly I was about to trade Forex, put a little bet in and see what it's like. The ticker symbol is moving very fast rate. My eyes were aching. I only have £100 pounds in my account. The stop loss was about £15, I thought screw it, that’s more that 15 percent. All I'm looking for is practice, there is no way, I am going to lose 15 percent of my account.

I am now trading commodities, silver. I put 10 pence in the market. The stop loss is around £3, so I decided to trade this one. Opened at 3184.5 going long. Stop loss is at 3154.5. If the worst comes to to the worst, that is 3 percent of my account.

It looks like a consolidation pattern. I'm not sure what this pattern is called? A wedge or a triangle. It looks like it's about to make a break out. Not sure if it's going up or down, however I have my guarantee stops in place.

I think it's going up and will adjust stop soon.

 

[leonarda]

Hehehe, I'm actually starting to trade :clap:

After all the studying, I'm starting to trade :clap::clap::clap:

I'm doing spread betting, so far I put a 10 pence trade on vodafone group PLC

I going long at 181.73

I put my guaranteed stop loss at 177.73, under moving average.

The market turning againt me :-0

Right now its at 180.6 🙁

On the one minute chart, the trade seems to be going against me, i don't want to get stopped out 😡

On the daily chart and weekly chart, it looks like the trend is my friend

we see how it goes

I think you were on the right track here, i'm holding VOD.L at the moment, and as you say the weekly trend is your friend. I think you may have lost your nerve by looking at the small timeframe movements, you have to ignore that "noise" and stick to your initial stop loss of 177, which was good.

 

[tomorton]

Hi ken - Well done for joining in and posting on your 10p trade! We've most of us been there, we just like to forget it.

Good you put a stop in. Understandably, you have taken it that the MA would offer support and that it's failure would be a bearish sign - more usually, price ignores MAs but respects previous price consolidation levels, levels where it was trapped in a range for a sigificant period.

You haven't mentioned your target. Without a target where you would bank the profits, based on sound TA such as a potential resistance level, how would you guard against price trading all the way back down to entry and into the red towards your stop? How would you be sure that your risk is no greater than your potential gain? If I can't see both exits, target and stop, I would stay out.

 

[ken979]

I think you were on the right track here, i'm holding VOD.L at the moment, and as you say the weekly trend is your friend. I think you may have lost your nerve by looking at the small timeframe movements, you have to ignore that "noise" and stick to your initial stop loss of 177, which was good.

Yeah, I know 😕

I'm looking at small time frames and short time frames as well.

One is going up, one is going down. I'm kind of confused :|

With the silver chart, I fell asleep for abit and the whole chart has changed 😱

Right now, I'm down by four points.

Now it looks like it considating again and moving averages is crossing, looks like it might go up again.

looks like I should measure the time as well. Right now it is 2.11pm uk time.

I'm hungry as well

 

[ken979]

Hi ken - Well done for joining in and posting on your 10p trade! We've most of us been there, we just like to forget it.

Good you put a stop in. Understandably, you have taken it that the MA would offer support and that it's failure would be a bearish sign - more usually, price ignores MAs but respects previous price consolidation levels, levels where it was trapped in a range for a sigificant period.

You haven't mentioned your target. Without a target where you would bank the profits, based on sound TA such as a potential resistance level, how would you guard against price trading all the way back down to entry and into the red towards your stop? How would you be sure that your risk is no greater than your potential gain? If I can't see both exits, target and stop, I would stay out.

Your right, I havn't draw my resistance line yet.

I guess my target will be 3187 and if it pass's that target it will be 3192. If it pass's that one then I have to keep moving my stops up. I havn't got used to the platform yet, when I do I will have to draw lines on it soon.

------------------

Time is now 3.16pm

I have now moved my stop loss from 3154.5 to 3184.5

The deposit is not in it anymore, I'm getting a free trade : )

right now stock is trading at 3200.

Do you think I should move stop up abit more?

Actually it won't allow me, it said stop loss level is too close to current market levels.

Just have to wait.

 

[ken979]

3.42 pm on the minute chart, I see lots of bullish small spinning tops and doji. I'm hoping for more large white bodies. Moving averages looks really good, looks very bullish.

3.58 pm I just moved my stop to 3211

4.00 pm Floating profits is about £4 on a 10 pence bet but hey, I could lose it all. lets see how it goes.

On the 1 minute chart, I think I saw 3 black crows 16.00 and 16.05 and CLOSED my silver position, it crossed the moving average and hit my mental stop loss. Moving average still looks bullish for some reason. I have to say when the market moves against you, pulling the trigger is kind of hard.

I think I made the wrong move. 2 min, 5 min all says its bullish.

I'm back in the silver trade.

I sold again at 16.54pm. It hit my mental stop loss but this time I check all the charts. There is alot of bearish candles at this point.

I shorted because I saw it was a bit bearish got stopped out. This stop loss thing is good : )

 

[ken979]

I when long and got stopped out again.

I've have stopped trading for the day, my emotions are kicking in.

It's been a very interesting experience for me, it ain't as easy as it look's.

At one point, I got my account to £105, now its at £101.62.

 

[Chartsy]

nice journal; which broker are you using?

 

[ken979]

nice journal; which broker are you using?

IG index, I'm glad I practicing on spread betting.

Lucky it's tax free, if not NO profit, just loss :cheesy:

 

[Chartsy]

Ha cool; what books have you read?

 

[ken979]

Ha cool; what books have you read?

Your asking the wrong person, I'm a newbie lol

Also i don't really know what I'm doing.

What really helped was this forum I guess, when I realise you can trade 10 pence bets.

I havn't read any book's yet. I'm going to 🙂

My friend lent me foundations of stocks and options 1,2 and 3 by Trade Smart University. I think it's very good but expensive.

He also has candlestick essentials and beyond 1 and 2 by Steve Nison. I'm pretty luck he lend it to me, he hasn't done any trading yet. I'm going to get him started.

I have also ordered Japanese Candlestick Charting Techniques by Steve Nison but it hasn't arrived yet. It's the 1999 one lol. It's second hand and hopeful the patterns are still useful. I will beable to tell because I went through the Candlestick Essentials.

I also thinking about getting John Murphy's Technical Analysis of the Financial Markets. I havn't made that decision yet.

I think book's are great as it will be an anchor to the course's I have looked at.

After 6 months or a year I'm going to get trading in the zone or some mindset book's

 

[ken979]

I thought there was no trading today but I was wrong :|

I tried calling IG Index for a question, no one answered the phone so I thought the market must be closed. I called them around 4 o'clock and realised there just busy. As I can't get through the phone, I decided to put in a trade.

I'm trying to long silver and they put me on working order, whatever that means.

Im going to place an other trade later on and see what markets are opened, just to get more practice :cheesy:

There are so many things i don't know 🙁

 

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[ken979]

I put a trade on silver on working order on friday.

It was a 10 pence trade with a £1.50 stop loss

I made about £15 floating profits.

beginner's luck :cheesy:

Now it is at 3417

I moved my stop loss to 3376

Today is Feb 21th, time is around 11.22pm

This is beginner's luck I guess. My account size is about £116.

£102 is real money and £14 floating.

I havn't really been keeping an eye on the markets today, just been going out today and decided to put a working order in.

-----------------------

I just got stopped out : (

it touched my stop order just by a little bit.

----------------------------------

My findings is the stop loss is too close because I based it on the 1 minute chart

I could be wrong or I could be right

Whats your opinion's?

----------------------------------------

 

[ken979]

I testing something out.

I basing my trade now on the 4 hour chart.

I'm going long at 3142

Stop is at 3216

 

[ken979]

I done something really, really dumb. This is my first lesson on fear and greed. I lost more than 1/3 of my account. fundamentally in the long term I think commodies is going to go up. I'm sure silver is going to $100 at some point, I might me be wrong but we will see.

Position was 30 pence bet and stop loss was really low. It was around 200 to 230 points, that's like putting the whole £100 line. If it hits the stop loss that would mean I would lose the whole account.

I didn't let it go down any further so closed out all positions

My account size was about £116.

Just over night my account is now around £70.

I lost £46, not good 😱

If that was £10,000 and I lose £4,000 of my account.

I would be down around £6,000 and that would be one trade. This is not good : (

 

[ken979]

I entered a new trade and going long on silver .

The price is 3336.3 and the stop loss is around 2944 and it's a 10 pence bet.

I going to keep this as a long term trade and let my profits run 🙂

 

[ken979]

My account is back to £80 floating profits.

I learnt alot about myself recently.

I think my personality is more suited to be a swing trader or position trader.

I'm a very patient guy but not sure how patient 😱

I don't mind adjusting my stop loss level for longer time frames and sit and hold.