03/22/07

I shorted gbpusd after the news because there was no follow through in buying, just spike.To add more I chose gbpjpy for "clever" reason of it being to high.

It jumped up and I had to add to a loser, but just 1/4 of position more, just to be satisfied.
My thinking was that usdjpy won't go through 118 and I had strong conviction that gbpusd won't go up because of no strength showing.

I waited a long time by my standards, thanks to 5min charts I can wait longer. But when after this brake down it stopped I just had no more patience. To add to that I was exhausted by feeling of fear and need to get out that started 15 minutes before my exit. I fight with them, but usually after that if there is some more profit I just get out

I'm not proud by this exit and trade, because I waited a long time and in the end took small profit in relation to risk that I take. I didn't waited enough. Gbpusd didn't entered 670 zone.

What is the point of being right when you don't capitalize on that. When I'm wrong I lose, when I'm right I gain less. It's the common trait of human nature to cut profits short and let losers run, why it should be any different for me.
I think that is starting point for every trader, to be in position that human nature is main problem for him. From that point on is the path of learning to trade and override emotions, human nature. One step at the time.

gbpusd +22
gbpjpy +10