As a wierd looking young girl once said to me via my television set….”wowzers”.
My week has gone from bad to worse. In fact taking a step back and looking at May and June my profits have been steadily plummetting towards nothingness. Despite this, i’m still positive things are going to come good, although i’d be lying if I said I wasn’t a little concerned. As a result this post is my attempt at reassuring myself that actually everything is ok, we knew this could happen and we need to remember that we’re in it for the long haul. (Yep, i’m talking in the third person, a sign of stress perhaps?).
A month or so ago, i’d have posssibly bottled it today and closed my IG Index account. However the current me for some reason seems a bit more laid back about the whole thing. And i’m thinking longer term these days. Typical trend follower I guess.
So what’s happened?
Ok well BRBY moved up 21pts. Great news. Sitting at £48 profit now. GPOR moved up 2 points sitting at £77 profit. PEARSON moved up 4pts to a £10 profit, SAINSBURYS up 0.2pts landing at breakeven. Which all sounds good, and it is. These are all great examples of my system working. BRBY has now been open 54 days. GPOR 49. These are long held positions in trending shares that have continued to follow their trends since I got in. Lovely.
Also today my short position in XYRATEX has moved up +40 (as of time of publishing, US market still open). I’m sitting at a loss of £80 on this trade. My stop will hit at £100 loss. GOLD has risen slightly to 1517 which means i’m at a loss of £37.
As a result i’m now down altogether to only £27 profit since I started the system back in mid April.
This is the lowest position i’ve been in. Since I started i’ve always been running at a profit.
There are a few other points to consider which should cheer me up.
- I also opened a doubled position on GPOR today. This cost me £25 in profit due to the spread and large bet size i’ve gone with. I went in after the price had done its thing for the day so i’m still at -£25. In the coming weeks this will hopefully move into profit.
- I’ve considered today that my system relies on keeping my losses small and letting my profits run. However I am starting to wonder whether my losses are just a smidge too big. So moving forward i’ll make a point of trying to make them a bit smaller, giving my infrequent but hopefully large profits a better chance of outweighing them.
- Gold is one of those funny trades that jumps all over the place. Unless it falls to it’s lowest price since the beginning of April i’ll hopefully see a profit eventually.
- I’m in this for the long haul. Trends dont come and go overnight. They can take years to develop. If I can place large enough stops, on trending trades, and yet make sure that if those stops get hit they are still affordable, I should be okay…..Should be.
- Got an email from Vince Stanzione today who apparently has read the blog. I’m a big follower of Vince. A man who I think really knows what he’s talking about. Even if he only glanced over my ramblings, it was a nice thing to hear from him. He’s sent me a few tips that with his permission i’ll probabaly blog about over the next week. Cheers Vince.