Monday, April 17, 2006

Week 2 Summary

Profit/Loss to Date (closed positions) - $916 loss

This week
Positions closed - 10; Positions currently open - 2
Winners - 0; Losers - 9; Win/loss ratio - 0%
Biggest Loss - $175; Biggest win - $0

Tragic week. I failed to register a win and my account balance began to bleed. It was a harsh lesson but one I am glad to have experienced. And while I am not over the troubles just yet, I think I was able to prevent more serious chaos with a few of my decisions. It did look much worse at times. While this is not an excuse, I have been unfortunate to be trading through a tumultuous week in the Australian market. This was not something I expected when I started and it caught me like a fish out of water.

I have learnt to not restrict my trades to a handful of stocks because it has been leading me to open trades on questionable signals. On the long weekend I have cycled through a larger number of charts and seen the greater possibilities that are available.

Lastly I have finally gotten off my arse and analysed weekly charts. I am happy to see that the trends shown are very clear cut - using these will markedly improve my decision making. Looking back on my past trades, on roughly half of the losses, I had traded against the prevailing weekly trend. On all four wins, I had traded with the prevailing trend. I can't stop kicking myself...

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