RE: CHARTS -T LINE TIPS7 Jan 2016 07:49
Good morning. Had a torrid day day trading the FTSE. I have attached a chart to try and illustrate the many changes during the day. tHE chart is 5 minute but I was mainly using the 1 minute. Lack of discipline and taking too many trades led to bad trades without stop losses and I got caught out too many times. Managed to salvage the day right at the end just before 9 pm when spread would have widened to 5 pips. Made minor loss of just over £400.
Notice however that while price was below the 20 sma it keep falling and one could have ignored the ups and downs in between which caused my bad trades. SB, in one of his seminars, draws attention to the importance of the 20, 50 and 100sma's which the city professionals use . Lesson learned. According to my journal lack of discipline, not sticking to the strategy, not quitting after two consecutive bad trades, chasing a short or long, buying or selling at the top or bottom. Letting my emotions take over trying to recoup losses. ALL the characteristics of a bad trader. Have decided to have a break from trading today. Sod's law it will probably be a cracker. Good luck trading/investing always.
http://uk.advfn.com/p.php?pid=chartscreenshotshow&u=I3v75FxkGonR1ri3NHH+T1/YD9mJwnmpwY4mAvq5ST0=&symbol=FT%5EUKX