Oct23 – Profitable DAX trade thanks to looser position management

Another exhausting day.  Slept till 8.30am as I was up till around 1.30.

Had a short setup on Cable post news.  Price briefly pushed below the 1.6000 handle but couldn’t stay below.  I ended up with a partial losing trade (-0.55R).

Then took a single (long) trade on the DAX – I tried to benefit from the experiences I made yesterday, i.e. managing the stops more loosely.  This resulted in one single trade (rather than several) and I moved the stop up very slowly – ultimately the trade was open for nearly 3 hours.   I will say that firstly I was rather lucky not getting stopped and secondly I will say that monitoring the trade was anything but easy. However, a nice result in the end: +1.9R.  See charts below for more details.

Also had a great skype catch up with my trading coach/mentor Paul Wallace.  He listened to me patiently as I was moaning how this trading adventure is a huge emotional rollercoaster ride – and it’s primarily (for me anyways) by the most recent results.  Despite knowing that I am getting better and more skilled in many trading aspects.  We also talked a lot about the Oct22 trading on the DAX.    I also pointed out that I consider the position management the biggest thing to work right now.

dax 5m oct23

dax 1m oct23

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