South Africa 40 mini account journal

[ian23]

Ok i will start a journal on my micro south african top 40 futurs account. I have funded it with R4000 and will trade descresionarry to satisfy my impulsive trading nature without doing damage to my real account. I will try to let it go dubble or bust by the end of the year while traveling through asia.
So it will not be a journal of how to trade but rather a test to see if the cowboy way of shooting wildly and asking questions later can in the end make some money. I mean not being in touch all the time with what markets are doing and keeping abreast with current affairs or using indicators and all that bs. I will simply when i have the time in the afternoon open up the chart and take a position or two based on what i feel and what i think the sentiment of the market is looking at the price action of wall street and the ftse etc from the night before.

So here goes and the best of luck to it. Lets see.

O the contract size is R2 per point and i will begin with no more than two contracts at any giving time with a risk of no more than 6% per trade.

 

[ian23]

ok we are off, opened the charts to see a huge gap down, the kind that will unlikely close. Asian markets down, futurs of us down, ftse and dax down by more than 1.5 % So i took first and second shorts at 24026 and 24071 with stop losses 60 points out and profit target 100 points cause i do not want to be to greedy at the start
Oh ho we have the first one taken out so the R200 is in the bank. Current balance R4406 in total. Second position now 40 points shy of target lets see, will move stop to break even.

Ok things are starting to look bad, had a look on the charts and this might go down a whole lot more is some of the world markets keeps playing along. The sa shares doing much better than ftse and dow at the moment so we will see. I have moved my initial take profit target way down and will just have a look how things pan out. Stop is at brake even but if things chance i will stop it prematurely for profit.

Update: Still in the second contract currently at plus 100 points which is another R200, the price is holding up nicely all things concidered - wall street futures and european and asian markets. I see some sort of bear flag forming and will see it it plays out. If it fails i will stop out at R150. Hope to get to at least R400

 

[ian23]

Lets see if i can attach a chart here

 

[ian23]

ok all out, last contract 50 points so all in all R300 for the day. Ballance R4500 so not real good money but stil almost 7% for the day. Anyhow will post statement tommorow morning before start of day two.
Wiil go out for a movie or something and check out afternoon action later for a possible trade. Good luck to all for the rest of the day then.

 

[ian23]

ok trade 3 was a dut short but i didn't have the balls and so lost out on a great short
now i trade 4 and currently running at + 100 points which makes this a very good day and me wishing i had traded real contracts. (not R2 per point micro lots)
will post after this crazy action that we are seeing right now.

 

[£80]

Hi Ian
I was just wondering with which broker/spread betting co are you trading because I see you trading in Rands.

wade

 

[ian23]

Hi Ian
I was just wondering with which broker/spread betting co are you trading because I see you trading in Rands.

wade

I have two different accounts with idealcfds, one which is international which i set up in US dollars and this one which is only for the micro lot, one can only trade south african shares from this one as it is locally based and i do not have to make any tax clearence etc to get money in it. I think you have to be a sa citizen to get one but im not sure.
Ideal cfd is a partner of ig
Cheers.

 

[£80]

I have two different accounts with idealcfds, one which is international which i set up in US dollars and this one which is only for the micro lot, one can only trade south african shares from this one as it is locally based and i do not have to make any tax clearence etc to get money in it. I think you have to be a sa citizen to get one but im not sure.
Ideal cfd is a partner of ig
Cheers.

I asked because I am South African but living in the UK. I have looked for brokers in SA but they charge ridiculous commissions.

thanks
wade

 

[ian23]

Ok lets see, very good start to this little journal but i fear after such a good day it is difficalt too keep momentum. It was a perfect trading day and i wish i traded the whole thing proper.
Trade 1 went as planned with 100 points
trade 2 i got creedy and ended up with only 50 points
trade 3 i got scared and got out at -1 point and this could have been a monster if i had the balls.
trade 4 got out with just over a 100 points

It is just very difficalt shorting an index that is already 2% plus down for the day otherwise i whould have taken 2 contracts on that last one.

All in all good start with 12.5% gain for the day.

 

[ian23]

I asked because I am South African but living in the UK. I have looked for brokers in SA but they charge ridiculous commissions.

thanks
wade

O its not the best i think you can find, i hear dwt is maybe beter but i don't know. Have a look at the statement. They went from asking R2 per trade comm on a micro lot to nothing by just widening the spread which is a bit wide for my taste but there is no other broker offering a micro top40 account which i like to use for playing around and to develope new strategies

 

[ian23]

Good morning, two short positions one at 23647 and 23622, was a bit in a hurry so not the best entry and stop 100 points away looking for some meat. I will close one at 100 points to cover risk of the other if i can. Lets see.

Ok taken trade no 2 off the table with just over 50 points. Will play the other one. Got within 20 points of my stoploss which was high. had to have it at 100 points cause i got it before cash market open and so the spreads are way higher and the price action very volitile. Lets see if we can bag some serius points on that first one.

 

[ian23]

Choppy trade, patience required. Always good if you have two contracts and sell the first one at the first glance of profit just too settle the nerves for the second one in a choppy market. up 75 points down 40 points flat in a five minute period. Just have the balls to stick it out and the dissipline to take a loss if it goes against you in the end.

 

[ian23]

damm, went right within 10 points of stop, lets hope this reversal can follow through

 

[£80]

Post pics of your charts if you dont mind

 

[ian23]

Post pics of your charts if you dont mind

will do, just struggeling to get my proper charting on that account cause at the moment the ones im using it is not possible to write on them which makes it i bit pointless.

ok bussy upgrading to L2 so will be able to show charts later

 

[ian23]

Damm fool i was there, after comming within 10 points of my stop i took the first exit at break even - plus 6 points - and one second there after it went down 80 points! O well at least i didn't get stoped out.

 

[ian23]

ok here is a chart of this mornings action, i was pleased with the first entry, not with the second, should have had more patience. Anyhow the second entry came within 20 points of being stopped out and then reversed and i took a profit of 51 points. The first entry i waited and it got within 10 points of bieng closed out and so i got jittery when it went to brake even and settled for 6 points just to see it drop lower. Anyhow at that point i should have gone long when it came up again but went for lunch so i missed it. I will see if there is something to be done in the afternoon. Cheers.

 

[ian23]

trade 3 opened a long at 23644

 

[ian23]

ok that went badly, 60 point stoploss hit!
And i am glad it did and i did not have a wider one, i think there should be a lot more down side in the sa market but being bias to one side can cost you a whole lot of money. Will not take any further positions before all the news comes out of the us and there is a clearer picture of direction.

 

[ian23]

ok trade 4 short at 23454 which is a chasing the market type of no no trade because i went to the beach and came back and missed my entry and just jumped in anyway. This moments before the news but this is part of this journal and account which i whould never have done otherwise. Let us see how it pans out though


Taken the trade off at 53 points profit. That was hight risk and now very difficalt to get short with the index down more than 1% and no reason to go long after news out of the us. So will short again if us markets make new lows otherwise just be happy for the hundred and something rand profit for the day besides i am up 20% in the last 2 days.