Wednesday, December 16, 2009

Several problems and mistakes today

First I had bias that eur/usd will go down, at least to test 4500. I wanted to short at 530 but some kind of uptrend showed. Then I shorted at 550, also too early. After 40 minutes in not performing trade I complicated things with long gbp/usd. It was showing strength and it was like a hedge in case that eur/usd go up more. Well I got bigger losing trade. Somehow I found a moment to cut them both and with small profit on eur it was -5 for all.

So I missed move down in eur/usd that I was anticipated. I shorted eur/usd again and got instant loss -8. Then gbp/usd again fly up and I got in long at the spike. I averaged that trade and was in for 40 minutes with it attempts to break up and building pressure. It wasn't good trading but I stayed. Finally at around 9:17h gbp was at break out point in gbp/usd, gbp/jpy and eur/gbp and it reversed. I didn't cut it on time because I was afraid that it's just spike. Four minutes later I was out. Then I had some nonsense trades that were product of frustration.

Even if eur/usd worked in the end for my anticipated direction that trading is not for me. As I had opinion about eur and listen to it I had later about gbp. When I have opinions I trade by them, good or bad opinions and I ignore the price. So better to skip trading with opinions, I was proved wrong today on account of that kind of trading.

Also I would like to mention that letting loss grow was consequence of building up profits in last two, three weeks. So it felt like I have spare and I can afford to lose. Which is very wrong attitude to have.

-62 pips


Alex said...

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Black said...

guess it takes time to change some habit in us. i am trying very hard not to do revenge trading with huge lot size.

FX said...

Alex there is link for my complete profile, there you can find mail address, but never mind because I'm not interested in promoting your software. I'm satisfied with adsense.

Black, what we can do with days like this then take a break and put it behind us to continue when we get back the focus.