Happy weekend everyone as we wrap up another week of day trading results.
You would think I have a lot to report this week with the update being delayed slightly, but it is quite the opposite.
This week only saw 3 trades, all made on Wednesday, all losers, but there is still things to learn.
Day trading results: -2.58%
Things turned a little pear shape off-line this week. Easter break, a surprise overseas visitor who stayed for a week, a baby with hand, foot and mouth disease, a car engine blowing up and taking half of the national debt of Australia, and a 10 hour round trip to fix.
The only day I had to sit down during my normal times and trade was Wednesday, and that didn’t go so well either, but that is fine, that is just trading.
The best thing I did this week was not to trade the other days. Wednesday was hard enough with concentration and getting back into the flow after so many distractions outside of the markets.
Sometimes we forget the best trade is to not trade, and I am sure I saved a whole bunch of money this week by taking no position on the days where I was otherwise occupied.
Granted I could have made some money as well with the strong movement, but that would have been no more than a coin toss, and trading done right, has better odds than that.
Looking back now on the action I missed, there was some strong news fuelled moves that could have burnt a lot of money quite quickly had I been throwing trades around for the sake of it.
This weeks result brings an end to a fantastic run of weekly gains. If history is to go by, the upcoming weeks need to be ones where my discipline is impeccable to ensure a winning streak isn’t followed by a losing one.
Loss of the week
The loss of the week was easy this week. All of them. I took three short positions into what turned out to be a developing up trend. The first of the trades was fine, after that the lesson should have be learnt.
The third trade was as close to a revenge trade I have come to recently.
Here is the chart, which way would you trade it? Got to love hindsight.
Gain of the week
No winning trades this week, so no trade can be selected this time.
My biggest gain, was to not trade the rest of the week after fighting a trend on Wednesday and having so many off-line distractions.
Full trade list
Total trades: 3
Break even: 0
Net result: -2.58%
Personal statistics are calculated as follows: A winner is a trade that gains 1% or more. A loser is a trade that loses 0.5% or more. All other trades are determined break even.