Tuesday, October 16, 2007

Forex trading 10/16/07

News say that there was some carry trade unwinding, it was crazy ride in eur/jpy or other yen related currency pairs.

It will be long time until I unlearn usual human behavior to doubt things and try to second guess. When it is falling I only think when will it stop and how will I get the up wave. I totally ignore the fact that it's falling now in the present and that If I simply sell now I will immediately be part of this. I thing in terms of future and next move and not in terms of right now. Maybe it's also because of unknown, I didn't understand what was happening. Because of that soldiers drill down their skills with countless repetitions so they do it automatically under the pressure.

First trade was worth +10 regular size pips

In second set of trades I started using 1/3 of position. First got stop out because I put stop to close. Thinks got crazy market dropped 100 pips in 6 minutes. I wasn't expecting any of that or being prepared. In one time I was -20 pips on all 3 last positions combined. I got out at around break even for +2 regular size pips. I could stay 1 minute longer for 25 pips but I guess I'm lucky even making profit in dive like that with taking trades on the long side.

Now when I look at chart I'm thinking what profits could I get if I shorted. I was thinking about shorting at 166.50. And than after first short just add new shorts and build position with no risk. Wishful thinking, but it could be worth few hundred pips. Just crazy.

I wish that I learn to trade with the trend so I could take full advantage of opportunity like this.

Forex Intraday Trading
Forex Intraday Trading

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