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Saturday, May 8, 2010

Saturday, 8th May 2010

Starting bank: €1000
Opening bank today: €1024.18
Closing bank today: €1028.93
Turnover: €8088.57

Made a profit of €4.75 which is pretty good considering the target for the day was around €3.33.

I took a very disciplined approach today using sensible stakes and I’m pleased to say it was a stress free day. I stuck to all my stop losses which I’m proud of too. I was trading at €1 per tick (that is, for every tick move that went wrong/right you lose/win €1) which meant that stakes were small but it was a sensible thing to do. Of course, greening up the book (or making it go red) reduces the €1 further so I was generally making about 20-40 cent per trade.

I turned over nearly nine grand which was OK considering I was using small-ish stakes. At one stage, I was up to €7 profit for the day but as the day wore on, I started to make some mistakes. I’m not sure if this was tiredness setting in but I was letting my guard down a little and entering some positions I shouldn’t have. By 5.45 I decided to call it a day – I’ve a small bit of other work to do later anyway.

In summary, I’m pretty pleased with today and sticking to the stop losses definitely made it fairly stress free.

I realise that some readers may think that four quid profit is brutal for a day of work. However, it more than meets the daily target and if I turn my bank over by 5% at the end of the month, I’ll be extremely pleased.
Again, you may not think that 5% sounds like a lot but if you did that every month for 10 years, your bank would be well over 350K. Now there’s a thought!

Not saying it’s as simple as that but it puts the 5% into perspective and pennies make pounds as they say.

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