Market Mind Games

Opened Positions

Spread Bet Longs:

  • Brent Crude 11036
    After my success yesterday, I wanted to see if I could apply the tools/systems I used to other markets. I want a fast moving market that offers the potential of quick gains. I decided to try brent crude. I can see a trend that clearly looks like its rising so I feel I’ll just go in here and hope to ride the trend.

    • £2 @ 11036
    • STOP LOSS: 11021
  • SPOT GOLD 1616.02
    Went long here on the back of a tip from a market analaysis tool which suggested outlooks were bullish and on target to hit 1625. This later proved to be very foolish. Yesterday’s trades were good, based on a very simple tramline system which I felt made sense to me. In that tramline, I felt 1615 was a good time to get out of the market and yesterday, it proved to be true. Today, I read some analysis, went against my instinct and made a big punt on someone else’s advice.

    • £25 @ 1616.02
    • STOP LOSS: 1611

Spread Bet Shorts:

None

Closed Positions

  • SPOT GOLD (opened today)
    • £25@ 1616.02 hit its STOP LOSS at 1611 resulting in a BIG LOSS = -£125.50
    • Annoying thing with this is that literally the minute after I was closed out, the market headed back up. Was I just scalped by IG Index or did I make a bad trade?
  • BARC (opened 2nd August)
    After my big loss with the gold above, I panicked and went against my original plan to hold this for longer and sold out despite the shares still looking like increasing in value. Yesterday evening, these closed at +£40 for me and today I’ve panicked and wimped out to sell for a smaller profit in order to offset the gold losses above.

    • £5 @ 170.02 closed at 173.48 = +£17.30
  • EMG (opened 2nd August)
    Similar to BARC above, I sold this after I took a big loss on gold, despite my original plan to HOLD UNTIL 14th August! The market is playing mind games with me.

    • £10 @ 81.632 closed at 83.72 = £+20.88

That’s me done for the day. Too much stress. Only have 1 open position now and that is CHW, which was opened on 31st July at £10 a point.

Loss for Day

-£87.32