Hi all, well a losing day today, with 3 straight losses meaning I called it a day before things got worse. Pleasingly my discipline held, and despite the losses, I stuck with my system. One thing that is evident from today is my money management still needs some work. There are many theories about how to manage your money, with percentages of total account, ratio of win to loss etc. etc. proving popular, and all have their positive points and are well worth considering.

I personally, to be honest, can't be bothered working out the percentages etc. at the moment, so I tend to hold only 2-4 positions at a time, and, if I suffer three losses in a day in a row, I call it quits for the day and start afresh tomorrow. What is evident to me now though is my stop losses are a little wide for the profits I am taking. While I have averaged around a 75% win/loss ratio over the last month or two, yesterday proved that good work could easily be undone with a day or two of losses. Something to look into anyway.

Here are the trades today:

Now there have been quite a few requests to me to provide some live trading tips throughout the day. I have added that option to the poll to the right to reflect that, so give your opinions. Know though, that if I do add a daily live pick, I am just as much an ameteur as most of you all, and I trade virtual currently, so take it with a grain of salt :)

Ok here's hoping for a refreshed and profitable day today.

Happy trading!

Today's result: -92 pips | Overall: +569 pips

This entry was posted on Wednesday, October 26, 2005 at 10:38:00 PM. You can skip to the end and leave a response.