Friday, April 07, 2006

Week 1 Summary

Profit/Loss to Date (closed positions) - $8 profit

This week
Positions closed - 13; Positions currently open - 5

Winners - 5; Losers - 8; Win/loss ratio - 38%
Biggest Loss - $178; Biggest win - $208

Overall, not a perfect fairytale start but I'm very glad to have learnt that trading is not a walk in the park. Reminds me of when game show contestants say, "It's a lot easier on TV." There is a completely different dynamic when your money is involved and you need to start worrying about stop losses and exit points. However my win loss ratio isn't overly concerning at this stage - I've realised that I mostly need to start making my wins more substantial. I have been guilty of closing trades off too soon or entering longs toward the latter stage of their rise. And while I can't allow myself to trade large with such a small opening balance, I will definitely be more selective.

I've also learnt more about the stocks I'm trading on a day to day basis, understanding when and when not to trade them. Volatile, directionless stocks will be weeded out as I see fit and replaced with strongly bullish stocks. Jubilee Mines (JBM) was not on my watchlist this week but made spectacular gains with little weakness - stocks like these will definitely help my portfolio.

$8 total profit sounds stupid...but at the beginning of the week I told myself that any win would be celebrated! Now let's see what happens next...

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