Sunday, May 14, 2006

Week 6 Summary

Profit/Loss to Date (closed positions) - $1548 loss

This week
Positions closed - 17; Positions currently open - 8
Winners - 7; Losers - 10; Win/loss ratio - 41%
Biggest Loss - $177; Biggest win - $423

In what was a very stressful week my trading success and confidence levels fluctuated wildly. I also came to the realisation that my current system (or lack thereof) is not the most efficient way to make money. The shorter the time frame the more effort is required to ensure that wins don't turn into losses. More discipline is required to keep from overtrading, which although it allows me to spread my risk it encourages poor decision-making (which includes closing positions too early due to paranoia or to free up equity - both extremely bad habits). Also, I'm sure that many hardcore traders out there would disagree, but a touch of luck is a great help when opening gaps and market indecisiveness are involved. If no luck was involved, foolproof get-rich-quick systems would have been developed long ago.

It's heartening to see that although the number of positions closed has halved compared to Week 5, the win-loss ratio is beginning to look respectable. Six weeks sure does feel like a LONG time in the trading world.


Anonymous Anonymous said...

very interested in your 'er progress.

hoping your mistakes don't become mine

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Blogger Trader Andy said...

heheh that's what I said when I read a similar CFD diary. I wish it was that simple.

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