Tuesday, September 23, 2008

Aiming for higher profits

I'm very heavy on exiting losing positions. Third trade had after -15 loss +10 profit, I didn't take it. I left it to slide down and seek bottom. It's hard when most of the movements are somehow based on jpy pairs development. I averaged in that loser only because there was 15 pips spike from the bottom in one second, I entered second trade just behind that spike bounce. Than there was fight around 10:50 below previous low resistance. At that point I had b/e on those two trades but I didn't want to take it. I like that fact in my trading, previous I was just "give me b/e and I'm out". Than there was again slide down. Finally it started to shape like 3B. The problem is that when I go in profit with the position I lose
consciousness about what is going on. Previous to that I can see that if there will be reversal it will be real one of 3B pattern. After 1.4712 price level I'm just wondering what is going on, will it go further and I'm risk averse and want to take profit. So I did after +10 pips for two positions.

Well on my second position I also wanted to stay more at 9:55, because whole move happen in one minute. So after 750 level is rejected there will be more downside, but no, I'm fast on my exit.

On that third trade, losing trade, I was prepared to hedge it with gbp/usd trade in other direction but there just wasn't usd rally so I didn't hedge nor exit and than came bounce so I add one more long.

I can see that there is so more room for improvement. On taking loss easier, staying with the proven idea more, trail stops etc..

While I was writing this I noticed great level for eur/usd rally to stop so I shorted and got 9 pips more.

Well there is much room for improvement but in the end I got today exactly 50 pips of profit, which isn't bad. I decided to work more on number of trades that I can do in the day and a profit. It looks to me that I'm satisfied with smaller number than I should be. I'm most days happy with 20 pips of profit but why wouldn't I aim for 50 if it's attainable for me.

+ 50 pips

Original content can be found on Forex Intraday Trading


4x For Life said...

Are you kidding 50 pips and not one comment? Well sunshine let me be the first. Hell ya kid! in this ranging crap Niiice.

FX said...

Thanks 4xkid.
I wonder where is orion, he deleted his myspace blog and profile.