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





 

© 2010 Learning Trade Forex All Rights Reserved Thesis WordPress Theme Converted into Blogger Template by Hack Tutors.info