After the bullish news for usd I shorted aud/usd because I made some trendlines before. It looked like if it don't break to the upside it would fall heavily. The reaction to the upside was to big, other pairs didn't show that as much aud/usd so position #2 was in. +17 +24 = +41 pips
I for sure can't stand the profits. When I saw that I have more than 20 pips on two positions each I just couldn't stand any idea about giving back even tiny bit of profits. I have about 30 pips a week target so this is big and I'm not giving it away. It doesn't matter in that moment that bigger swing idea from which this trade originated is still valid and even more it's working. I just couldn't stand in it. It's fine with me. I think that first of all I got to clean the house regarding averaging, moving stops, etc. Letting profits run is secondary problem and I think that sequence is a must. So one step at the time.
This is first trade in a two weeks, those profits pushed my adrenaline high. Maybe adrenaline just scared me, and thoughts about 30 pips target and not letting profit away are just mental explanations after the fact. I got big adrenalin high, I got scared or I got body reaction for adrenaline and I needed to get out to stop adrenaline flow some more.
I can say that analysis of bigger time frames can aid my scalping. Maybe I will never trade from bigger t/f and never take as much is wise to get, but I can get good things from even using it on level like now.
Greed is good. Whole idea of this trade was to catch aud/usd fall and get maybe 100 pips or more, it pushed me in. No matter the results are different, it's usually like that.
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3 comments:
Hey,
Good to see you back to posting. The fear of giving back is always huge, but it may also have held you back from making more.
This ties in directly with the discussion we had on my blog about a week ago about not watching your P&L... it may be a good idea for you because it allows you to focus on the trade and not the result.
-DT
Hi Dinosaur,
Nice to see you comment here and again great history post on your blog. Write a book in a spare time if you have some.
You are probably right about moving away p&l. To be honest I just changed two days ago new option on broker platform to display pips and $ in the same time. So it is probably not so wise. I taken away p&l number few years ago. Maybe it was to big reaction because of the break that I had.
Funny today after I sow that move made another 60 pips I'm in mixed feelings regret and ecstasy. I made 3%, could made 13%, for a long time I didn't have so nice technical trade on a larger t/f.
Well, I think Rockefeller said something like he made millions in the market by buying too late and selling too early...
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