Thursday, September 24, 2009

Wild morning

I had nice scalp in gbp/usd that put smile on my face. Four minutes later I jumped short in eur/jpy at a spike down without much thinking, bold because of my nice previous trade. In few seconds I was down on a day, losing all profits and with market deciding it's the low for now. Average down didn't help me much. Meanwhile eur/gbp started being crazy again. Gbp was in free fall. I had another scalp in gbp/usd. For my loss in eur/jpy I was watching usd/jpy that was bouncing in the downtrend. So now I had to wait for it to test the lows if it will do it. Also I was now hyped up so I was looking to go long gbp/usd. I had average down also in it, so at that time I had four positions on. When things slowly turned my way I decided to cover eur/jpy in a loss for as much of gbp/usd profit.
After all this eur/jpy did brake morning low and I just couldn't stop myself from trading more. So now I was looking for bounce trades in gbp/jpy but with half size. Taking 10-12 pips profit with a spread of 4.2 isn't worth it. I was probably looking for big fast bounce but I didn't get it.
In whole this mess eur/usd was trading in 20 pips range.

I get most problems from myself if I take a trade unprepared and it goes against me violently. Also as much time passes I'm more and more emotional and base trades on those emotions.

+33 pips, 2.1%

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