Forex trading 08/15/07

Bad trading. No idea, no feel , just random. In the middle of it my dsl broke and I got to restart, when I got online I exited.

Gbp/usd -11 -2
Gbp/jpy +7(+5)
= -8

News trading

First I had some experiments on 5sec chart for -4 pips.





Gbp news came out and it was way below expectations and bearish for gbp. When the spread narrowed I shorted gbb/jpy because at that time it had 4pips spread just like gbp/usd and its faster. In behind is gbp/usd chart.

I just grabbed something without trying to maximize opportunity. +19 (+16 regular size).

Trading not to lose

As usually when it's going in my direction I go out very fast.
It's true that today was wise to get out fast with last trades because it could go down all the way. But the absence of trading to win can also be seen.

I broke the rules

First trade I moved the stop. I was saved by 2-3 pips. It's so rewarding to break rules I didn't get -20 but rewarded with +12. So it's 30 pips difference. Very easy to get used to it, but than I pay later.




I don't think that any rules will help my trading. I can't talk myself into good trading. I think that moving stops and averaging is second problem, smaller. First is that I don't trade trends. I don't go in the market direction. I always try to catch reversal.

Why? Funny, I fear of the loss, but when I trade reversal there is no fear.



I dig the hole with this trade. Started to move stops and than I started to "saving" myself with gbp/jpy trades. In the end in this one I took -23 stop.



This really is something. Madness and despair in the act. -19 -20 -17 +21 +16 +26 = +7
What if position 4. and 5. got their stops how big loss would that be +100 pips!

Position 1. had nice profit but it wasn't enough to save gbp/usd loss at that time so I made a loser out of it.





I got to start thinking in the other direction. Not how to stop bad behavior but how to start good one. It's all about "trading to win" vs. "trading not to lose".


Today wasn't disaster because in the end it was -8 pips regular size pip loss. But it's disastrous trading.

Forex trading 08/10/07

I made mistake in the exit. I got scared with 5 pip drop in the second so I got out with 4 pips. It would be wiser if I waited until b/e to get out. I got 4 pips and lost opportunity for full R of 10 pips or 2R that later materialized. I was more patient few minutes earlier when my entry was tested.

Volatility!

Just a few pips in this crazy fast market.

100 pips down in the few minutes, than again 100, then up 100, down again and of course up 100. All of that in less than 60 minutes.