Surfing the 100 waves!

Here goes with my first trade then!

All my trades are on the S and P 500.
I have placed a buy trade of £10 at 2075.5
My stop loss is 2073.5 giving a risk of 2 pips.
I have already moved my stop up a little , the reason being it bouced off 2074.7 and my RSI indicator came back up through the 30 heading northound after a double dip.
I'm never sure about moving stops up and have been caught out a few times when it goes through the stop then down a couple of points and rebounds.
I also spotted a support level at 2075.1 on the 14th April which it bounced straight off and then again on the 25th April at 2077.2
This is where it gets difficult for me as I really stuggle with risk management.
Trade has gone up to 2078 and I could place a stop at my entry price and run it.
If I lose then I've lost nothing but theres a chance of a good gain. However if my entry price stop is hit and my previous stop was sound then I could be shooting myself in the foot. Any ideas?

Surfing the 100 waves!

Surfing the 100 waves!

After months of tinkering with spread betting I have decided to start this thread to try and keep myself in line and stick to my trading plan. If I lose the lot then it's goodbye to spread betting; as much as I enjoy it i'm not going to continue if i'm crap at it!

My aim is to trade 100 times and try and work out a percentage of loss/gain at the end. I have a starting pot of £5000 and will be trading only the SandP500 from 0800 UK Time until close of day / 2100 uk time.

With an average stop loss of 3-5 pips at £10 a pip this should keep me in the 1% zone of risk management.

At the end of each day I will update my thread with any results of my trading and promise to be 100% honest.

I have not borrowed any money to do this, it is all my own hard earned cash and my risk to take. I would rather not lose the lot but if i do so be it. You only live once:twisted:

Surfing the 100 waves!