Monday, December 8, 2008


Every now and than I do something stupid. I was sitting in the bad trade for hours. I really didn't know what to do with it. I had opportunity to close it in profit, at b/e, with smaller loss, hours ago, well I didn't. I learned something. I don't have a need to average any more. Also I do trade like this when I have success in scalping as I had lately and than one of the scalps end up in big trend that I do not catch. Then on next trade I don't want to take scalp or get out reasonably but do stuff like today.
I learned that reason why I should stick only with scalping is because if I don't scalp I brake my rules, don't have discipline and end up in bad situation. I broke my rules today, stayed after -40 loss. I don't want to spend more time on this foolishness. -25 full size pips



Maybe before you make your first trade of the day you should write down in front of you on a piece of paper what you intend to do. and keep looking at it. I have a great statement from a trader printed out and taped to the bottom of my left monitor and I look at it every single day many times.

Its ok to lose, just know when you've lost. I think the main problem is that you fought the main trend. Trading opportunities should only be expect to last a short time when trading against the trend.

Did you look farther back on the 1HR, 3HR or daily for signals that price may or may not be reaching an area of resistance? I do that every trade just about, unless the time frame I am trading has a clear setup already and I know where I will get in and out on the same chart.

Its just one more trade out of the next thousand.

FX said...

I don't have much to say about the day. Trade at first was valid because I went in for a scalp because previous top gave resistance and break up failed. It gave nice scalp profit but than I started to make foolish choices.

I tend to learn from days like this, I interpret them as a message from unconscious and I try to learn what the message is.