A mistake

I made a bit of a mistake this week. I placed an order for BP last week to buy at 395 with a stop at 388. This was only meant to last until the end of the week. I forgot to cancel the order over the weekend and it executed this morning trading me in and out within about 10 minutes. Bit of a pain but it’s another lesson for me. I need to keep track of any open orders better and if I am not able to trade for a while I should close out any pending orders. It’s cost me £7 not a massive amount but a loss I could’ve done without all the same.

I currently have 4 open positions. Three longs and one short. The short (paragon) is currently my best performer, will it last? We’ll wait and see. I have spend some time on my trading plan but it is far from complete. I have decided to limit the number of my open positions to 5 for the time being. I want to double my portfolio value before I will add another 2 positions allowing myself 7 open positions. I think limiting myself to 5 open positions at once will help eliminate my over trading.

I would like to thank “I” for e-mailing me his trading plan. I have added it to a new page on my strategies site for now. I may look to re-arrange things at a later date. How I said I am still working on my own plan and will add it as well when it’s finished. If anyone else has a plan they wish to share feel free to e-mail me and I will add it to the site.

There isn’t much else to report today. I’ll try and update my open positions and do my weekly analysis if I get chance tonight or tomorrow.