Friday, February 25, 2011

-9 pips Awkward start

Awkward start, being right, but failing. First two longs were good intentions. Third short not so good. I moved stop and it really looked if it failed to go up any longer it will reverse heavily back. It just did that but I exit it before the move. Just to keep my loss small around 10 half size pips for all. It didn't help much because I started to catch up game, digging myself deeper with each trade. Later it was at -40 and some half size pips.
Besides improvement in capitalizing on some trades more by holding them for much longer period I need to improve in abandoning catch up trading. Then I just look at p&l, I don't trade market at that time but money swings.
On a side note Oanda's spread right now is at 0.7 pips for eur/usd.
In the end manageable loss of -18 half size pips


kingich said...

Hey scalper, good luck! I'm reading you, but cannot really track your strategy?



FX said...

Hehe, it's a secret strategy so better to stay that way :) Just joking. I guess it's pure discretionary trading made of my screen time and understanding what is going on in a day right at that moment. I don't scalp always like others in a region of 3-6 pips but like to take some trades further for usually up to 20 pips.
Problems are emotional trading, be it averaging, letting stops run or revenge trading.

I can see from your blog that you prefer longer trades in duration. I never had success nor passion to do it myself. Glad that you dropped a line so I can follow your trading now.

kingich said...

well I had to adopt due to my daily job. for scalping you need to be more on the screen and I cannot really do it trying to find my strategy there, around 4h charts....