Nothing to report

It’s been a little quiet trading this week. Took 1 positive pip this week and stayed out of the market. No trading today, sometimes you can’t spend all day looking and the markets and just need to live!

Have a fair bit of work to do so will check in soon.

Patience when trading

Entry points - Spread betting on the FTSE 100 28/11/2011
Highlighting the entry points for FTSE 100 28/11/2011

12pm– I’m sitting here, watching the market (FTSE 100, today) and missed two great opportunities to trade early in the day. Since then, the market has pretty much stalled out and nothing there are no clear entry indicators, based on the rules I’m following.

I’m really appreciating the amount the patience required to develop my spread betting abilities and the amount of discipline I’m exercising to stop myself jumping in the market because I’m getting bored.

Hopefully the market will pick up when the US opens around 2pm.

2.30pm

Had a quick check in on the FTSE and was looking to place a sell order (short) at 5300 but as soon as the US market opened, the price shot straight through 5300 and ended up at the 5320 mark. I had to step away for an hour, and didn’t miss much action.

4pm

I returned to find the market heading back down to the 5300 mark for the second time and was very tempted to go long (buy order). At the time I thought it was a gut feeling, but in hindsight it did match one of my trading strategies. I could have taken a pretty clean 10 pips and been done for the day.

Lessons for the day

1. Patience is clearly a virtue, even though it may be very tempting to get into the market, you have to be careful and make sure you’re not making up reasons to get in the market.

2.The early bird catches the worm. I missed two good setups in the morning, and had I not arranged to have furniture delivered first thing I may have got in on the action today.

On the plus side, I’ve spent the day (on and off) watching the market, learning how it moves and identifying clear entry indicators, without losing any money!

Hopefully tomorrow will be a different story.

Getting away with living

I heard someone talking over the last week, and they said “some people get away with living” – as if they were avoiding the proverbial limelight and waiting for life to end.

Personally, I want to get the most from life and don’t want to merely watch from the sidelines. So, that’s the purpose of this blog, to document my journey learning new skills and to provide some accountability.

If you find the posts useful, please comment and hopefully we can learn from each other.