Wednesday, March 19, 2008

Problem with obvious

Look at that second trade in eur/usd. I don't believe in obvious. I'm afraid that I will look like a fool if I follow it and it goes other way. My bad, I impose ego stuff on sound trading rules. Usually as in this example I fade not the market but my fear of being foolish and enter the trade in other direction. How foolish is that?
In that second eur/usd trade I also overstayed regarding the stop, it did come back some and I took -3 pips exit.

I'm good at finding good place to have a trade but I'm bad from that point on. Be it fading the direction, deciding when to exit (just a scalp or bigger swing) or taking a reasonable stop.

+12 pips today

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