Friday, March 7, 2008

Wrong frame of mind

I decided to play around with 102 level when it was breached and retested. There was no such follow through on the down side, I was thinking. Just an idea, but as soon as I was in the red I realized that I will not exit on stop loss. I was in my biggest enemy in trading frame of mind "I don't want to lose". I know that there is no point of resisting, or trying to get out on stop forcing myself out. If I have that frame of mind in the first place, that is the problem.
So I played slow, added two times 1/3 position and made exit around b/e as soon as I got it.

Generally usd/jpy isn't my pair.

Than I decided to end it for a week. I don't want to mess around any more today with loser mentality.

I wasn't by the screen yesterday and it's quite disturbing when I see the big move that happened and I was trading around the bottom of it. I know that I'm scalping and that I wouldn't stick around any way. But in times like this I wonder how it would be to swing trade. It would be best to turn scalps in swing trades but it's only wishful thinking for now.

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