Tuesday, June 1, 2010

Milestone

After my decision to end experiment of one trade a day trading at February 21. it took me 52 trading days to effectively double my account. I did have some withdrawals so it's doubled only if I count them in. I never so far had a streak like that and I always wanted it. So now I accomplished that and feel satisfied and proud about it. It's a fact that this doubling came from deep hole where my account was in February but I'll take it anyway.

Let's get back to today's trading.
New month, new size, double the one of last month. Pressure, but I need to withstand it. Last time when I tried to up my size by 50% I had big difficulty and abandoned trading with bigger size. Nevertheless my size need to grow and I need to get used to it. It's as much a task for me as controlling losses is.
Today I managed that task by entering trades with size that is now new half size. That is helping me, when I say to myself it's a half size I believe it.

My first trade I entered and immediately add new half size position because it started going in my direction. After that first scalp came third trade that wasn't going ok. I averaged because I could afford it trading in half size. Those trades gave me big profit but market didn't break low.
Thirty minutes later I participated in new leg down. Took two scalps and missed the strength of the move. Then I changed my opinion to wrong one and went long because I believed that eur/usd will not go so easy to new low below 1.2142. Then with some averaging in the end I finished it around b/e for those last three trades.

I regret mostly that I'm not able to get out of the first trade with a small loss on a premise that I will add new long trades looking for a bounce. Market is clearly going down and if I believe in a bounce that loss that is getting bigger on first trade is going to drag down my bounce profits. First trade was at 110.16 and if I closed it at 110.00 I would save much of move up needed to make a profit when in the end it came. Better then dragging that first trade in -40 pips loss. There is no problem in looking for a long but I don't have a use of that first trade going so deep in a loss. It's still hard for me to acknowledge a loss and get out.

In the end more then 80 half size pips, so it was a very profitable day especially with size double the one last week.


+43 pips




3 comments:

DT233 said...

Congratulations on doubling your account FX. Keep it up!

Black said...

Envy.

:)

FX said...

Thanks :)