Monday, March 17, 2008

Know your place

I was hesitant to trade in the morning and than when I got bored I started to trade. I had profit on gbp/jpy 20 pips or so but I was greedy and didn't took it. It's the situation when I want more when I read all good, made good trade and than don't want to take exit. Even if it's profit exit. I don't know where is my place, I'm not satisfied being a scalper. My fault, I paid for that.
Gby/jpy trades were half size. I'm good for scalping and nothing else and I should stick to that. I didn't have courage to hold my trades when things reversed and took -72 pips loss. -70 sounded great when I was -170 few minutes ago. So why do I even bother trading that way when I'm not going to profit when there is opportunity. I don't even bother to explain my averaging habit, it's known.

Later I got wiser and took two scalps in gbp/usd for +5 and eur/usd for +19 pips. So today -48 pips.

Eur/usd trade is nice example what is tempting to not only take scalping profit. But for me it's always better to leave early. I can add my small winnings nicely and I should just abandon any attempt to trade for bigger profits.

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