Friday, January 22, 2010

Trade 212 and 218 - WPL

I had two positions of WPL open from last year both of which I closed yesterday and today.

Trade 218
result: 50*(46.75 - 45.96) = $35.32
I definitely closed this too quickly, as last night saw a massive fall in oil price, and US markets.

Trade 212
result: 50*(47.11 - 44.97) = $102.85
This was a lot more acceptable in terms of the price that I closed - I closed this position before WPL made the announcement for a shortage in output, but the price target I had set for myself was reached, so I stayed with the plan.

I took a lot of heat on these two trades during the month, of which mostly it was red until 3 days ago - this tested my patience on the trade. One key factor in being able to take the heat, was the fact that I only had one open cfd position, and the exposure was much more manageable than the fckery of 5 short positions in one go that became a habit in my trades in the last quarter of 2009.

I plan to find another suitable trade as soon as possible, because at the current rate, I'll be completely 5000 trades when I'm 50. Whilst I'm in no hurry to make trades, I still feel I need to be somewhat out of my comfort zone with the frequency of trades - only through marginal spots will I force my brain to be insightful to the losses and pressure.