Monday, October 22, 2007

Forex trading 10/22/07

First I wanted to short eur/usd at 334 but I repressed that idea. Then when down move materialized I was angry on myself because I would have profits if I took that short. From that state of mind I entered long for no apparent reason.
Bad thing is that I didn't take stop and than I averaged down. It finished ok, but this is the kind of trading that punish me the most. What if market just dropped more from 300 level where would I cut loss and would I cut loss?


Forex intraday trading
Forex intraday trading

I don't know what I'm doing today so better to stop. My risk:reward is not functioning in my mind. I trade in a way that I must make profit and it's not good. I risk way to much.
OK I have some idea about market action but I don't let myself option that ideas are false.

All this eur/jpy positions were full size. First position was 40 pips in red!! I can see that now and it's 3 times stop loss. No more trading for me today. It would be ok if I used 1/3 positions but no I was full size swinging and averaging.

Forex intraday trading
Forex intraday trading

Forex intraday trading

I was looking eur/usd and usd/jpy. Idea was that eur level of 300 will hold but usd/jpy was falling and it wasn't the plan, I expected it to bounce back from 113.90.

Funny thing was that I was toying with idea to short eur/jpy at around 163.04 10min before my long entry. But it's trade with the trend and I don't do that. Probably this long eur/jpy trades come from frustration with impotence of trend trading.

In the end with averaging exit was +13

No comments: