Well the day started well. I Checked my positions this morning and they were all up, some more than others. Hardly surprising since the FTSE 100 had risen to 5600 as well. It would seem, however, that 5600 served to be a good resistance level and was too much to break through today(well so far at least). With the FTSE currently around the same price it opened at some of my positions are up some are down. I suspect the FTSE will continue to rise a little further over the coming weeks and I expect it may challenge the high around 5800. Will it pass this? Will it even reach this level? Well that’s anyones guess.
I checked my positions yesterday and none of the stops could move according to my strategy. Still not to worry the markets aren’t going away and prices have to move sometime. In days of old it would’ve been days like today that could’ve potentially lost me money. With no stops to move my fingers would be itching to make a trade. 9 times out of 10 when I did this, the trade lost me money, Which is why one of my rules is Don’t Boredom trade!. It’s easy for me to say this now as I’ve been there done that and learned by my mistake. It’s hard to sit and wait sometimes but if you can learn to do this then I think it’s a big step along the path to success.
I have no new trades today for a few reasons. One I don’t really have the time to look for new trades and two I already have 8 positions open. I’m trying to limit the number of my open trades as this is another area where I have suffered in the past. With working full time it can become very time consuming to maintain open trades and it’s not an area that should be overlooked. I believe that trade maintenance is just as important, if not more so, than trade selection.
I’m going to try an post my open positions over the weekend.(If I get chance) I’m very aware that I have let certain parts of the blog slip over the last few weeks/months and I need to try and keep on top of things a little more, but please bear with me.
Until next time
“May the markets be with you”
Spread Betting Beginner