Monday 17 May 2010

A really good day's trading - perhaps?

A rather foolish start to the trading day today. Having not managed to go running over the weekend, I thought I'd just nip out at 6:45 to the paper shop in the nearby village. Everything looked quiet, so was bound to be ok. . . . . Wrong! I miss a buy order on crude which I hurry to trade when I get back at 7:15 and I miss entirely a possible buy on the FT, though I dislike pre-market trading in this market, especially given the poor end to last week. Taking just the crude trade, my run to the paper shop has cost me £40. But from then on, things go rather well, Crude oil rises all morning and I reverse at just before 12:00 for a gain of +165, +180 if I'd hit the right fill. Then crude spends the afternoon dropping, giving me a short profit of +215. The Dow whipsaws me a bit just after its open, but then also settles into a steady downtrend for the afternoon. I suppose it is tempting fate to be writing this at 18:00. But I have a +200 point day and am feeling rather pleased that I have hit every trade more or less exactly. Now if only I'd picked an entry point just one point higher for a late p.m. Dow buy, I'd be another 50 pts better off having avoided a whipsaw. There is, afterall, always more that could be made. As I write this, the Dow and Crude are weakening and I am long. If only they would rise, say, 100 points over the next two or three hours! ADDENDUM @ 9:10pm As luck would have it, both the Dow and crude reversed the weakness I noted in the final paragraph above and rallied strongly, the Dow by 140pts and crude by 50 pts. So a great day in the end. +427.5 points for the day, against a budgeted weekly target of +250. Today's return in crude was +5.6% unleveraged on a day when it dropped 2.5%. Trading for me doesn't get much better than this.

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