Gold crazy.

I have been so obsessed with my gold trade that I have not been keeping an eye on my other positions.  If I had I’d have saved myself some losses and reversed positions instead of wondering why I had been stopped out.

As you can see on Home Retail Group I should have reversed my position as the system gave a clear buy signal [so stupid of me] I’ll have to put it down too beginners error.  My gold trade has also given a sell signal so I have closed that and reversed the position.  On a positive note your stop losses do not really need to get used if you follow the buy and sell signals the Vince Stanzione system generates.

See graphs for details.

I don’t expect gold to be a major move as the trend is up but the point is following the signals that the Vince Stanzione system generates makes and saves money and remember do not get so preoccupied with one trade that you forget the others even if they only cost you a couple of points.

Expert trader

It occurred to me the other day that it really is not necessary to trade loads of different shares or commodities to make a profit, you can quite easily trade a handful and be very successful and more or less become an expert on those particular shares/commodities.  For example I am trading Gold and Tesco at the moment and really I can keep trading those following the signals generated by Vince Stanzione’s system and consistently make a profit.  I have included a graph of gold to illustrate.

The red lines represent buy signals and the blue sell.  As you can see you can make regular profits, sometimes only small but often in for the much larger gains .

Chasing losses.

I often read many an article about stories of doom from chasing losses.  It certainly is the worst strategy I’ve ever heard of.  I thought initially it only happened in sports trading?  But it appears financial trading is rife with it also.  Luckily I learnt my lesson through my partner that lost all his bank chasing losses, he never chased losses again but it dented his ability to trade for ages and he said it totally deflated his ego and made him scared in case he lost any more.  Another thing he said about chasing losses was that it was mainly because he wanted to become a millionaire over night, obviously not literally but you get my meaning?  The problem was he didn’t have a goal so couldn’t reach it and therefore failed.  Since he started again he has set a much longer term goal and really relaxes with his trading as there is no pressure to make it all in one day.  So that’s exactly what I have done, I’m in no rush to be Jesse Livermore over night and I have a plan of attack and have never felt the need to chase any losses.  When you think about it Vince Stanzione didn’t start off rich did he? And obviously had a goal.

Long term verses short term trading.

I often analyse and wonder if it’s possible to make a sort of daily income trading the markets?  Obviously if I was taking out a day trade and it went in my favour or against me I can win or lose money but looking over the charts in share scope it’s so much easier to make money on a long-term trade.  Also I imagine day trading to be very stressful?  And once you are in you have very little opportunity to trade out if things aren’t going your way.  Also I have never heard of a successful day trader?  I think it’s another big plus point for the Vince Stanzione system, it focuses on longer term trades and simplifies the process and removes stress.

Reopened my gold trade buy at 1368 GSL 1290

Systems Sellers.

It amazes me how much rubbish I read online about trading systems; use this system or use that system or this bot or that one, and you can be living in a house like this one that I took a picture of and you can be making £3000 an hour like I wish I was…  Sound familiar???  It’s no wonder that people get sceptical when they see a genuine system seller.  The main reason I decided to write this blog is really to keep myself disciplined but also to find out if you can make a serious income buying and using a system that is advertised online?  I chose Vince Stanzione system because he had credible references, has regularly been featured in the news, and seemed the most genuine and if I am brutally honest he seems to be real.  I don’t know how quick I will get to making £2000 a month [My personal target] from my trading? And I’m not saying that Vince Stanzione is god’s gift to my finances but I feel confident using his system and that’s what’s important to me.  I realise I’ve only been trading for real money for a few months but at least I made a profit and that’s more than I can say for most traders.

Nerves.

It’s strange, since I let my trades expire I am slightly nervous in re entering the markets?  And in hindsight I wish I had rolled my trades over, anyway my first trades are buy Tesco’s at 435 and sell Home Retail Group at 209.  Gold continues to rise but must consult Vince Stanzione before I re-enter as I’m not sure if I should wait for a drop in price.

A good first attempt.

I decided to let my trades are expire, really just so I can take stock of my trading and for the experience.  Tomorrow I shall open some trades on December contracts, some new ones and some I was previously trading. I took a lot from my first real trading experience and considering I am a beginner I think to make a profit overall is a good achievement and is really a good sign that the Vince Stanzione system is easy to use and make work if you are like me and have no prior experience.