Things seam today like the day before yesterday, but they weren't exactly. First I had two little trades. If I didn't exit second trade where I did I would at the bottom of the spike after.
Than I had attempt to go with break of high. Break didn't happen and I was suckered in with very slow action after my entry that it will go up and not down. Place where I add next trade was very good for it with bottom of channel and fibonacci level but I made mistake of not getting out when that setup failed.
I remembered what I was talking about with fellow traders in comment section so I was accepting risk and wasn't just emotion ruled.
I was waiting for break down to reverse but there were no acceleration at all. That was odd to me. So I stayed in long trade because it didn't start to fall like mad. Finally I reversed (on chart: -1-1) with full size position. Break started and bounced so I closed that trade and reversed with double size now up (+1+2). Than range started. I was ready again for reversing to short but it was all just watered down. There were few attempts to go up and it sure did look like bottoming. I was on the trigger to close when break down came, but when it stooped and reversed I add one full size position which I intended to use as a scalp. I did got about 5 pips on it. I wasn't sure will it go up or down and I wasn't just blindly averaging. Break up came but I didn't like it much so I just exit it before my target of 713.
Euro was pretty much weak while gbp/usd was showing nice strength and bounced nicely from the lows. So I wasn't sure in possibility of uptrend in eur/usd.
Result today is exact b/e. I didn't know it until the end
Well I don't like all of this. I risk too much, add too much. I think that there is possibility that I'm trading with to small size and leverage. Problem is that losing side is relatively too small for me money wise until it's too late. In the end when I was trading with double of full size I wasn't prepared at all to average. If I'm wrong I'm wrong. It would be to costly to average and lose. On my trade around the high I had plenty of opportunity to get out but I didn't. I was ready to bet a little. It isn't good for my style. When I'm right I'm right fast, other times I lose more times than win.
You can say that it's probably unwise to take leverage and size up without clear indication of profitability. It's all in psychology. I proved myself with 10 positive weeks that I can be profitable. Any way I had plan of allocating more money for trading purposes any way but I was waiting with that. I planned to add it gradually. Maybe I should just start trading with targeted size and not wait. I think that I would be more afraid of losses and that I wouldn't do crazy things because of it. I'm not entirely sure, I will see. My size would be 4 times bigger so it would be serious for me. Now it's only serious when I gather few averages and it's the worse time to have size in the market because than I'm against the trend and down a lot.
I will not trade any more today because I want positive week which is so far.
Friday, July 4, 2008
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3 comments:
today was an excellent day to trade breakouts for a few pips at a time.
Definitely think about what you are doing before you add so much size that if scares you to trade.
I took the day off because I figured there is less action due to the holiday today and it being a friday.
Hope you have a great weekend!
Hi orion congratulation on your "little machine" :))))
I think that it would be rash to up the size so fast, it will come any way according to plan. Why to hurry?
I added link to your blog on my site so others can easily read your posts.
Thanks FX,
And yeah, you are right, size will come according to the plan anyways. Hope your weekend is going well.
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