I’ve Blown All My Profits

If you thought that yesterday’s losing extravaganza would be enough to make me trade better, youd be completely wrong. Today, I’ve managed to blow all my remaining profits and am literally back to where I started.

Take a look at today’s trades. Stupid, gambling overtrading all day trying to chase down big profits.

Too many trades in a single day

You’ll see two positions circled in the image. These were two profitable trades that had some thought put into them. Groupon, I mentioned a few days ago here when it was around 700 points. If only I’d shorted it then…

Spot Gold I have been trading almost every day since the beginning of august, mostly profitably. I could see a trading channel in gold and early this morning, the price appeared to be at the bottom of the range and I thought it could go up to 1620.

The only other trade that could not be classified as an ‘impulse trade’ in this list is the RBS position which I opened a few days ago. I still think this will fall, but I guess I got my timing wrong in this case. See the charts:

I thought the trend was going down here and the recent price rise was a reaction. I opened a position here and hoped the price would continue down the trend – in the line of least resistance.

In actual fact, this is what it did:

This is what actually happened. This chart only strengthens my thought that this price increase is a reaction, and that the trend will continue downward. However, clearly I am wrong on this one so I’ll add it into a watchlist and leave well alone for now.

For a time, I was actually in paper profit on this position, but only by £10 or so, not enough to meet my winning criteria.

Back to Square One

So what this all means is that I am actually now sitting on an account with exactly £500 of ‘funds’ in it, although I do have one open position – which I opened today.

This month I’ve managed to make a profit of £470 and take my account balance to £970 from a starting balance of £500, only to lose all my profits and take my account back to £500.

This is where I turn over the leaf.

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