Happy New Year

Happy New Year to you all!

I hope you had a good Christmas and if you were trading over the holiday period I hope you had a profitable one!

Until tonight I have not had a trade, sports or financial, since before Christmas.

Tonight's Daily Soccer Trade was the Man C v Liverpool match. Man City's 11th minute goal brought that home.

I won't be doing much trading for the rest of this week but expect to get back to normal next week.

Until then good luck with your trades.

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Merry Christmas

I didn't trade on the financial markets yesterday and there was no Daily Soccer Trade.

The Daily Soccer Trade is an overs trade today which I don't tend to do and the world's financial markets are closed so I'll just sign off wishing you all a Merry Christmas!


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Watching football not trading

I didn't get on the Daily Soccer Trading info selection today as it was an unders/overs market trade which only gives twenty minutes for a goal and I'm not keen! As it turned out it would have won as Spurs scored early on to go one up against Chelsea.

I'm gradually getting through the BabyPips trading school pages. I'm finding them very informative and they are helping me to form better trading techniques.

No financial trading for me tonight as I'm watching the Spurs v Chelsea game.

See you tomorrow.


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Trading update

There were no other financial trades last night but I had laid the draw in the Wolves v Norwich game (daily Soccer Trading info).  When Norwich scored there wasn't much movement in price but I came out for a small profit.  Glad I did as this game went 1-1. 1-2. 2-2 so would have been a potentially roller coaster ride!

I'm on tonight's Daily Soccer trade and have had a couple entries into the financial markets on EURUSD.  On EURUSD the market looked like it was ranging between the lines I had drawn on yesterday's chart (see last chart in previous posted).  The price was bouncing off the resistance line so I went short with a stop the other side of the resistance line.  The price quickly reversed and presented me with a 6 point loss.  I went back in long as I now suspected a breakout and managed to capture 10 points.

It's looking like I won't see any action on Wall Street tonight so I'll sign off now and update you tomorrow or Friday.

UPDATE:  The Daily Soccer Trading selection for today is Villa v Arsenal and Arsenal just scored shortly after I posted this post so a win here.

Why are we waiting & what I didn't do.

I spent most of yesterday evening watching this EURUSD chart.  (Well ok I wasn't sitting in front of it all evening but kept checking back).

My hope was that the the market would breakout of the sideways trend, I'd go long or short depending on the direction and bag some pips.

What happened next:

Shortly after I turned my computer off the market broke out of the diagonally downward sloping trend line but didn't really get very far until midnight.  I would have placed my stop the other side of the upward sloping trend line so if I had done this and let it run overnight I would have woken up to around 40 pips profit.

Note how after the market broke my downward sloping trend the upward sloping trend line became the support.

Once I got home tonight I was greeted with the following chart:

The trend lines and support and resistance lines shown are the ones I left on the chart yesterday.  Note how the downward sloping diagonal had again become a support line and the bottom horizontal line a resistance line.  Now I don't know if this sort of thing occurs on a regular basis or not and it may never occur again but as a n00b trader I found it interesting nonetheless.  

Bearing in mind I am a n00b trader please do not try to copy anything you see on this site.  I am trading at very small amounts per pip, with money I can afford to lose, and placing very close stop losses to manage my risk.  The warnings are correct when they say... Spreadbetting is a leveraged product and as such losses can quickly exceed your deposit.  The carry high level of risk and are not suitable for all. Seek advice before getting involved.

I'll be back later with an update on Daily Soccer Trading & tonight's financial trading.

Update

Continuing from where my last blog post comments left off I had trade open on EURUSD. This trade carried on in the right direction but by the time I was ready to call it a night I could only take 6 points.  I had another trade on EURUSD yesterday but lost 1 pip!

Yesterday saw another entry into Wall Street when the signal wasn't right! Sadly this resulted in a 23 point loss.   Tonight I have managed to claw some of that back with a ten point win.  If I had been trading Wall Street to level £ per pip I would still be in profit to the tune of 15 pips.  Sadly, I've made the silly errors after doubling my stake size so I'm actually running at a small loss in £terms.  That said, one win will bring me back to break even on this strategy.

I've been reading some of the BabyPips training school posts and finding them very insightful.  They cover many things such as how to read the candlesticks, indicators such as moving average, MACD, RSI and how to interpret chart pattens to name but a few. Hopefully, in time, some of the stuff I am reading here will become useful to me in my daily trading.  In addition to swatting up on the BabyPips site I am going to treat myself to a trading book for Christmas.  Trading in the Zone has been recommended to me but if anyone else has any recommendations please let me know.

I only got involved in one Daily Soccer trade over the weekend and that was Fenerbahce v Trabzonspor on  Sunday.  That was a winner so a nice profit there.  I am on the Daily Soccer trade tonight.

Yesterday's trading

Yesterday I posted that I had lost around 50 points.  50 points was a little bit of an exaggeration as I actually lost 28.5 points on Wall Street and 14.1 across 3 trades on FX.

The Wall St loss was just silly.  The market was bouncing around all over the place, the signal wasn't clear but I ploughed in anyway.

The FX losses were equally silly.  I traded GBPEUR which had too large a stop loss requirement on it - this did most of the damage.  Whereas trades on GBPUSD (2 point loss) and EURUSD (1 point gain) were not so damaging.  I have now removed GBPEUR from my trading.

Tonight I have missed a trade on Wall Street when I was making my dinner.  It would have been a winner!  And didn't go in on a second trade as the signal wasn't really clear but it would also have been a winner.  I've also missed a couple of nice trends on EURUSD.  

I suspect there won't be anything else tonight but I will update later or tomorrow if there is.

I wasn't on the Daily Soccer Trading info tip tonight.