Thursday, February 5, 2009

Ugly session

My bad side got to come out after all praises yesterday.

It started ok, but I was just making mistakes and bad choices. I got out from first trade just before it started to go in my direction. Than I took small scalp. Than again on my short I got out just before it started to fall down. Again small scalp. I guess I got angry about the situation.
-2, +4, -1, +1 pips
On second chart there is trade that in the end gave me all profit for the day
+20 pips +1R

Second part of trading was in euro as bad as it can be with averaging and all. Check next charts.

-12, -30|-23 (averaging), +7, +10|+5 (averaging) pips

-0.6, -1.5|-1.1 (aver), +0.7, +0.5|+0.25 (aver) R

Thick blue line represent double size trade at the place where I reversed big loss from two averaging trades. Closed with a profit and then shorted two times at the top.

Second part again big loss on averaging, reverse with double size and then add on with double size. So that last part I was long 4X usual amount !!!!!!!!???? It didn't want to go in strong breakout and I got out with b/e for the day. After I made that last gbp/usd trade that gave me profit.

-22|-11, +23|+11 pips
-1.1|-0.55, +2.3| +1.1 R

My loss in eur/usd in cumulative R went like this:
-0.6 R
-3.2 R
-2.5 R
-1.75 R
-3.4 R
0 R

at the end +1 R, +20 pips



We all make mistakes bro. You've seem plenty of triangle filled charts from me;) just get that averaging out of the picture and you will be a great trader. I still think the rest of your trades today were great.

Averaging is forgetting one thing and one thing alone: ANYTHING CAN HAPPEN. always remember that man. I see a pattern with at least the both of us... when we start breaking the rules, it is usually not a 1 day thing. Maybe it would be wise to hold off trading for a few days? or maybe you just need to learn the lesson again ;))

Have you went back and read your "Gambling" blog? it might help.

StockHunter said...

Wow, thats a lot of trades man. Congrats on your profit, but it looks like your just aimlessly picking entries/exits? Or am I wrong, and just don't know your system?

FX said...

Well it looks aimless when you look at charts I guess. I knew at the moment why I'm taking each trade. It's more looking what is going on and which side will prevail, that kind of trades. I prefer more clear cut trading, but this was one of those days when things got out of hand.

StockHunter said...

Ok, I was just curious because I'm not used to seeing so many trades :).


You put that very well FX, seeing in the moment which side will prevail. I like that:)


By the way Friday is my anniversary... not sure whether I will be trading NFP or not...

FX said...

Marriage anniversary?

Don't trade every day, you trade too much :D

StockHunter said...

Assuming marriage anniversary,

Congrats orion!


We celebrate lots of anniversaries! This on is of the day we met. Marriage is 7.7.07

I don't think I trade THAT much, and if I'm making the money I'm doing something right ;)