TraderTom Live Trading EU Session: Much Ado About Nothing...

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TraderTom Live Trading 5th September 2024 – EU Session

Tom Hougaard – aka TraderTom – trades the European and US stock indices live on YouTube twice a day. You can contact Tom directly on Telegram @TomHougaard. You can contact him on email hello@tradertom.com.

TODAYS SESSION

I think today's session gives a good example of what life as a trader can be like. I had to wait for quite a while before a setup materialised. When it did, it was VERY slow to show progress. However, it did eventually build up, and at one point I was plus £5000 in profit. I moved stop loss to breakeven, knowing full well that I was holding up into resistance. I reasoned that either I would take profit now, but I would miss the opportunity for the market to eat its way through resistance, or I would hold, but I would lose my open profit, if the market failed to take out resistance in the DAX at 18,654.

It failed to take out resistance, and my £5,000 turned to ZERO.

Ask yourself what you would have done, and how you would have felt, if you had taken profit, but the market then rallied another 100 points. Your answer will tell you a lot about who you are as a trader.

Later, outside of YouTube I took a long DAX which promptly lost me 30. I then flipped my position, and I made 33 back. It was a classic case of Flipping the Switch.

That is all for this morning.

Tom