Wednesday, April 23, 2008

Reckless trading

First I abandoned eur/usd trade that later made nice profit. Action in other pairs was poor so I figured to leave. It didn't even touch my b/e so it was poor choice.

Than I opened gbp/usd without much reason. It was fighting on which side it will go and than chose side against me. Bad thing was that important news time was approaching. I should just take loss. It's like that when you win much than losses doesn't come natural. So I was betting with that trade. Luckily I opened eur/usd short trade because up action wasn't that decisive approaching big figures. In the end I covered loss in gbp with gain in eur. I got out and had reality check that I would be toasted with my gbp/usd bet for nothing.

Maybe I need a break. I gathered nice string of wins and profits in last 3-4 weeks, maybe now I need to cool off like I need every day when I earn some pips that satisfy me.

All trades were with half size.
+3 pips


Later I did more trades and it was all bad, full size trades.
I expected rally up so I entered aud/usd, but I lost in it. Had one eur/usd for b/e. Than I wanted to cover loses in aud trading gbp/usd, but it was revenge trading. First I got good direction, get out, went in different direction and got out. Lost most in spread.

So finishing day down -21 pips. Gain from last two days erased.

Aud trade was ok try, but I was greedy so I entered full size. Last eur/usd was also ok try, but gbp/usd was just revenge trading good thing that I didn't lost more than -11 pips in it. Today I didn't have sure trades like usually I was trying and that don't work as much when I have edge and see with more probability what will happen. Coin toss trades are not good enough because I don't ride winners so it's hard to get ahead. I was in hope mode. I need brake to regroup like I did 3.5 weeks ago. I knew that after morning trades but I didn't follow it but have trades and lost.

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