Tuesday, April 7, 2009

Bad decisions

Great day for trading and lot's of bad decisions. I managed to swing my p&l in full size pips from +7 to -8 to +11 to -49. I'm not bitter and angry because today I feel that everything I did is exact as is at my level of trading skill. I have good sides and good decisions but bad ones are also mine so no point in hiding from them.
First of all I opened second short after first trade in eur/usd and didn't know what to do with it. Adding to profitable trades isn't something that I'm good at.
Second I had long in gbp/usd that was a fake out. I let it go so much against me. That fear of a small loss and not handling each trade with reasonable stop is problem. Then I wanted to recover loss. So I went other direction and first got big retracement against me. Also I add similar trade in eur/usd. Things were getting shaky in Jen pairs and I really could see that there could be nice trend down in everything. Well when I had profit and things really went my way I just took profit to cover my previous loss.
Then I could see my mistake and went scalping against the trend. Later couldn't take losses, got whipshaved a lot and lose a lot by trading 2/3 size in gbp/usd.
I guess when I closed profitable positions and market seconds later made big run down that totally destroyed me. It's nothing wrong with taking premature profits but it's wrong if you say it's wrong.
I'm too much involved in what is overall going on in all the pairs and then lose perspective on my individual trades and profit and loss expectation in them. I also act like I need to take every possible pip that is there to take. I don't handle losses well and after them I take risky trades with motivation just to cover losses. When I fall in the hole I try to dig myself up but I dig myself deeper.
This really just is where I'm at, individually those things are not so hard and bad but when you combine them results is as today. I need to be consciousness of my boundaries and trade inside of them. I'm not capable to trade so freely and get good result from it. Probably all this unprofitable trading is needed to realize this things. This is my education.

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