'Homework' day proved fruitful

The Challenge: to increase my trading bank by 5% per month.

The story so far...

Starting bank: €1,000 (beginning of May 2010)
Target for end August: €1,215.51
Today’s opening bank: €1,381.22
Today’s closing bank: €1,408.93
Today's profit: €27.71
Today's turnover: €15,709.38

****

As mentioned earlier, I spent the day specialising in 'resistance points' trading and it proved worthwhile with a profit of €27.71. I didn't get as many trades in as usual as you can see by the turnover of 15K, but it was fairly stress free all the same.

Once or twice I was tempted to jump in and do some other trades but I resisted and I'm glad I done so. I feel I learned some more about resistance points today and as you can see by the profit and loss, the profits were generally going up as the day went on. I might think about doing another day of this again to see if I can keep getting better.

One handy feature from Betting Assistant which offers you greater leverage on your money is the 'tick offset' option. Let's say you leave a back order for 3.0 and put the tick offset to 1.

When your bet gets matched at 3.0, the software recognises this and fires in a lay automatically for you at 1 tick under the back price (in this case it would lay at 2.98 as you set the offset to 1). The reason this gives you some leverage is that the lay bet only goes in as soon as the back get bets matched. So you can leave a lot of orders on the back side but don't have to worry about having the lay money to cover as you would with traditional scalping. The one downside is that it can take about 1 second to place the counter order which may put you in a queue.

I'm going to spend a day purely swing trading one of these days but I think I'll stick with the 'resistance point' scalping next time to learn more.

All in all, a satisfactory day.