Thursday, June 5, 2008

Business of picking crumbs

In the morning was first flat line. I was attempting to scalp. Than I got caught in wrong direction but got out at b/e. After the brake I made some more scalps. Than I made big mistake. I shorted gbp/usd because of greed. After the news things started to tick down and I thought that gbp/usd will brake. From +5 for a day I put myself at -6 full size pips. I was mad and angry on myself. From that point I was directed with the urge to make it back. Mad scalping started first in gbp/usd than after the news in eur/usd. I got my loss to b/e first and than slowly day ended at +8 full size pips.

You could say that it's ridiculous to miss that 200 move, but I'm happy that I didn't lose on it as I usually do when there are so strong trends. I gave up hope that I will make anything on moves like this, I never did. So it wasn't hard for me to watch it and trade against it. It's me and I except that. In the end I got positive day after 16 or 17 trades lol. Another proof of scalping as my way. Probably I could scalp in the direction of the trend if I was fresh and without emotional burden from trading in the morning. I don't think that my scalping was good today. It was over trading, but emotions were in charge. I'm not at the level yet to stop trading when emotions prevail. Advancement is that with emotions I didn't lose my head completely like before. I was cutting losses and trading small. I'm satisfied.

The worst trade of the day was big loss in gbp/usd where I didn't exit on time. I didn't average it also which is good read. Everything else was my ingrained scalping.

Well everybody get what they want, I wanted small scalp profit for the day and I got it. I really mean that. Small profits is all I need.



Consistency is what counts, as long as you are up money, you are doing something right. Are you trading the US NFP tomorrow? Also, posted a new blog if you want to check it out. Good trading tomorrow!

FX said...

Nice trade for you also as I can see it on your blog. I don't know about tomorrow. For me it would be best to make profit in European morning and quit for a day, we will see.

I wonder what size of leverage you are using for your trading? For me half size trades which I open are about leverage of 2.5-3 and full size when I add (if I add) which I count for pips are targeted to be around 6. Before I was 1:10 or bigger but that just brings heat. Probably even smaller would be advised for bigger sized accounts.


Actually I am not sure, I have it set at 50:1 but my position size uses about 50% of my capital. By the way, I grabbed 50 pips out of NFP today!

FX said...

Well that's a big leverage it's around 1:15 or 1.5% per 10 pips so, you today got like 7.5% profit. Very nice profit. That is too big for my comfort level, my positions are 5 times smaller, but full size pips which I count are around 3 times smaller.

I got burned today, but I will try to get best from it.