Tuesday, August 12, 2008

Vacation is over

Vacation is over and today I had first time opportunity to trade again. It started o.k. but than I broke my rule of stop trading when you have nice gain. I was overconfident and got burn and than fall in emotional trading.

On my first two eur/usd trades I had great entry's but to early exits. It's a shame. I first wanted to have nice profit and didn't want to risk and let first trade to go some more. Second trade was partly based on me being angry on missed profits. Well in the end they fall in my category of scalps and I usually do exit prematurely, so nothing new with that. I did up my size also.

Than with confidence I didn't want to call it a day and I entered gbp/usd news trade while the spread was 20. It was flying up and news was good, but apparently some other news came bad and it was terrible for me. I lost all the gain from previous trades and around that much more.It was unexpected because a second before market was so strong, I wasn't prepared for anything like that.
I got in emotional mode, bought again and didn't want to exit. I averaged and closed those two positions in profit. I was at b/e for the day.
Now I was sad about my lost profit in eur/usd and traded more until I got all the profit back. It's so amateurish, I know. I can't hide from that, everything from to early exits to emotional trading. I was laughing to myself when I got out in that second to last gbp/usd short 10sec before big fall.

I'm where I am. I got rules that suite me. So what if I take 14 and not 40 out of the move. Better to stay with that than fall in emotional madness. Progress is slow, if I go too fast I jeopardize it all.

+23 pips



Hey buddy, glad to have you back aboard! I am trading live again here and there. I actually made some record pips yesterday (300!) in one trade, but I was trading way small so it only counted for a 7% increase in the account... Full size would have been 34% but oh well. And one more thing, you will never catch me in a currency with a 20 pip spread! That is not low risk.

FX said...

Well it was like your news trades, than spread is 20 on gbp/usd. But I have no excuse it's not the way I suppose to trade.

Well 7% is very nice.