I had long trade in eur and gbp b/o type. It fall down. I averaged gbp and when it came back it hesitated to go more up I made an exit in both. Gbp was just chop from that point but eur started trend.
Later when eur started breaking up again I enter just in gbp. It went little up but back down. So I said if it doesn't have strength to go up it's weak so let's short. So I exit my long and initiate short. It wasn't at first going nowhere. Than eur started to go in range and gbp up. I chose to average. I had one short in eur also but in the end it stayed there. I exit my gbp shorts with -20 full size pips, it was 30 pips better loss than at high point.
It did fall later more but I didn't wait.
I'm not angry at all because I see the pattern. I was all motivated and hyped up when I was recovering from 300 pips loss. Now that I'm at the same point like before I don't have motivation for winning. I simply wanted to recover and now I don't know what I want. It's not trading problem. It's problem of trading positioned in life. I don't know really what to do. If I continue to trade I will lose than recover, than lose again. It's fun and interesting voyage but it's not really my choice. I don't have definite solution right now, I just can state the situation as it is
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Hey FX sorry things are stagnant for you at the moment. there is a quote this reminds me of "If one does not know to which port he is sailing, no wind is favorable."
At least you understand and see that its lack of motivation. This may sound weird, but I think profits are a choice, and losses are a choice as well. In my analysis it seems that you are trying to call the market as if you know what it will do. Do not forget that anything can happen at any time. At this small time frame of trading that we do, much of it is random noise heading in a general direction that is only able to be seen clearly in hindsight. All over the network traders are changing price for many different reasons or even perhaps for "no reason" such as yourself. Always zoom out before zooming in. Think on all levels of execution, long term traders, where do they want in at? what do they see in this market? What does a fade trader see, is it nearing a top of the range? Are there stop orders on the other side of price that traders are going to hit? Every such question should be considered at all times and that is what makes our job even harder. Just trying to give some constructive criticism to a fellow trader. take care and do some self study.
Thanks for great comment. I agree on all, especially on that I'm trying to call the market. No need for that because the point is to make profits and not to be right. You are wise when you say that profits and losses are choice. That's true for anything in life, so it's for trading also. I remember in market wizards book that Ed Seykota had that point of view.
Because of that all I'm not so down on my poor trading lately. Thing that bothers me more is that motivation problem. To make money is no good reason and I fail right now to make progress. On that point I can't get help of others because it's personal thing. I don't have much to say about it all.
No problem, I completely understand. When I have a trading slump and my wife tries to help me I often tell her the same thing "Its up to me, but thanks for trying"
I see that you had a good day after this though. That news release had some direction behind it, do you know what it was about?
The news was:
German Ifo Business Climate Index
and some other European numbers which all came below expectation. I use forexfactory.com calendar to see when are important news. It's quite good calendar. It have color coded news events so I know when to be out of the market especially for GBP news.
http://www.forexfactory.com/calendar.php
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