Trading day 2

So Today was a bit of a strange one, using low stakes I went in with the plan of one tick scalping and moving on, to get a feel for it with real money. But because the stakes were so low. I had to keep telling my self to move a decimal place because in reality it would be more then the pennies I was making.

As a result of my returns looking so low, I was trying to get more out of my scalps rather then just walking away with say 23/30p I'd blow it all on an attempted swing that I could see was happening but was probably too late to the party.

Don't follow the market unless you're a sucka.

Be happy with 10% + returns on your stake

I noticed some interesting things happening when looking back at some of my trading videos, more notably the markets getting 'stuck' or getting resistance on whole numbers. You could physically see huge sums of cash on the back and lay side struggle against each other, its really interesting to watch. I feel there's my dynamic there, like perhaps there are scenarios (and I dont have enough videos for it yet) where you can actually see when the resistance on one side gives resulting in a blip in the market.

Again as i get more videos of this i'll be able to definitively know what price points cause more resistance then others.

Don't get involved during 'key points' in the odds ladder, from what I can see, the market becomes more volatile at these points.

From a psychological point of view I need to learn to just leave it, meet my target, which at the time was 20p and just leave it. Its difficult to not get frustrated when you know you've set targets but something just makes you want to do more. At the same time, if you make your target and there's a good 5 mins to go, why not carry on having a pop?

Be more disciplined, improve my scalping strategy 

When scalping, if the market does run away from you, those profits simply disappear, this -I think- can be prevented either by correcting yourself so that you are going the direction the market is, or employing stop losses close to the action, I'm not sure which method is best just yet. I guess this need more investigating.

When the market blips should you auto correct with it or stop loss?

And finally, a lesson that could have been expensive had I been using bigger stakes. Green up before the market goes in play. If I was using £100 stakes instead of £2, I would have lost £75 even after hedging.


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