Monday, March 31, 2008

Positive day

I over traded and I wasn't especially picky about the trades as usual in the morning. Very good thing is that I was totally committed to cut losses and I'm satisfied with that.
Second gbp/usd trade is trade that usually gives me the problem. I can see bigger potential but I don't want to risk just made profit.

Eur/gbp trade was the worst. I didn't know why I entered and I exit it with no real reason. That's the trade I shouldn't have in the first place. I didn't know how much to risk or where to put stop. Finally when gbp started to strengthen I took an exit just because I had exit in gbp/usd. That's why the swing trading is not my way. I always mess up things. That trade in retrospect I should put on b/e or b/e+few pips and leave it alone when it started to go in my direction.





Afternoon eur/gbp trade was nice by my rules. I was watching gbp/usd and eur/usd and it wasn't clear to me will they go up or down. Reversal or continuation. But eur/gbp look extended and if the majors continue down probably the euro would fall hard. On the other hand if they go up pound would have nice bounce. So I shorted eur/gbp. I was thinking of leaving it as swing trade. I need that sort of thinking to not exit me out at +3pips or so when it's so slow pair. But after all scalper wake up and I took +10. It was half position because eur/gbp have double value per pip than eur/usd.

+16 pips today




After bumpy start I tried to just watch and trade when I think that I'm sure. Off course that's no guarantee of anything but it's my best trading performance that I can show. It's not so easy to be patient like that and you forget that mental mode often but that's direction I want to go.
Cuting losses should also be my number one priority. P&L performance should be put behind and just try to trade as best as I can in boundaries of s/l and my current best picks.

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