"As private parts to the Gods are we, they play with us for their sport" (BlackAdder II).
Well, in my case, it's the banks...
This morning was a roller coaster ride. (In between throwing and catching rubber pigs with my son).
The market was trading in a short range at first, but it gave a sell signal at around 8.30am, so I took a short trade with the wind blowing through my hair and my hands held up high. Then it shot up and stopped me out. Chessington eat your heart out.
Not unusual for the market to do this, even after negative Halifax Housing Index results came in. That's the reason I don't trade on fundamental information alone. It's good to know when it's coming so you can see the markets reaction, but I never trust news that "should" be positive or negative for the market. After all, the city traders are always one step ahead. I only ever trust what the price is doing- what I can see with my eyes. (even though it can still go against me!)
I went into a long trade at 9.35am, using my 20-20 strategy. Unfortunately, I decided in my wisdom to change strategies half way through the trade to a continuation one. A typical traders mistake to make, otherwise known as "greed". This is where the psychology and discipline come into play. If I'd have stuck to my 20-20, I would have come out 20 pips up. Instead I took half my profits at 10 pips, and decided to ride the rest until the trend changed. Cut your losses short, let your winners run (as they say in the trading community).
Typically enough, the trend changed - quickly! - and after an hour of mental bull and bear fighting, just missing my stop exit by 1 point an incredible 9 times, it finally stopped me out of the trade, again at an over-all loss.
The big bull and bear fight between 10.20am and 11.20am today was a great example of how psychology can mess with you. You have to extinguish the hope and fear that hits you at every tick or you'd be a mental wreck. But it's another lesson learned. Don't deviate from your plan!

The next 2 trades didn't go well either. The market today is as choppy as Mr Choppy's lamb chop shop on a choppy day. It looks like it's breaking down big time now, the city probably held it back for as long as they could, but it's stopped me out another 2 times - and that makes a total of 4 bad trades today, so time to stop and reflect.
In true disciplined trader fashion, I will now just watch the market for the remainder of the day. It's a shame that this week has ended up on a negative, but the good thing is that I've kind of come to expect it from the market. I can't expect to be an instantly successful trader on my 4th day of trading full time! The Porsche and the Gucci will have to wait a bit longer...
Anyway, I've got a great weekend ahead. Off to see "Avenue Q" tomorrow which should be fun. I get to spend a whole day with the Mrs, while Grandad looks after little one. Haven't done that for ages, so looking forward to it. Looking forward to week 2 of my new career....