Friday, 7 August 2009

Serious Old Failings re-occur..

So with my high number of Break Outs recently... I ran my account up to £92K.

Net Growth of £49K from £15K the month before.

However I had done and did a number of things wrong:

  1. Traded large but did not have sufficiently sized target sale orders eg. Sold only 11000 of 100,000 - Liberty on target
  2. Traded Large but did not have low enough concervative sell orders
  3. Was aware a news event BoE on QE was due on Thursday was also considering Cable a tired bull. Yet went away from workstation on news and took £10K Currency hit and £7K Gold hit (was expecting Gold to have a downleg first). This was unforgiveable although tired.

Remedies:
  1. When major A/C equity run ups occur reduce exposure substantially and lock in
  2. Minimum profit takes is 75% on BO's range should be 75 - 90% on imperfect patterns 100%
  3. Don't raise trading on all instruments in size, because your Break Outs are Big or just gone profitable. Realise all gains before reviewing trading size.

  4. BO profits are taken off the table extremely quickly always!
  5. Take and land initial profits, you may always re-entre smaller (5-10% with deeper stops) post break out for the extended trend
  6. Remember this is your (and family) future and its time to get serious
  7. Get proper handheld set up and use alerts.

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