Where shall I begin today? Put it this way, I’m very embarrassed! It’s a good thing I don’t have any followers of this blog, if I did, I’m sure I would be reading through a barrage of abuse after today’s post.
I think the biggest problem with my trading is I don’t know how to GOWID! Starting my session today at 9.15am, I got into 11 trades today – just look at my activity window, 6 out of 11 trades are negative. When I was in those negative trades, I remember saying to myself on a couple of occasions to get out when they were only around the breakeven to -2 pips level. But instead, I happily sat there and watched these trades grow into larger negatives and then used my supreme intellect to get out and solidify these larger losses. And then, as always, I got carried away revenge trading trying to recover these losses.
I am meant to be executing 1 trade or none at all per session. I am meant to be trying to bag a couple of positive pips here and there to reach my target of 10 pips per week. So what am I doing? I recall during today’s session, that on a couple of trades, which eventually ended negatively, I was actually up at one point by 1 or 2 pips before they stalled or warranted GOWID, and now thinking about it, I was hoping they were going to yield bigger gains, so I just sat there again as these trades slowly wiped out their small gains to break even or go negative by 1 or 2 pips – this is what I was talking about earlier when I was saying to myself, it’s time to GOWID – and I continue to let these trades grow to larger negatives!
To cut a long story short again, my trades today produced, -7, -4, +5 (should have finished for the day at this point), -9, 0, +1, -7, -5, -6, 0 and lastly +2 pips to finish for the day. Something else that is very embarrassing – you know that I am currently on 50p per pip when trading right? Well, the first 10 trades today were all at 50p per pip, so at the end of trade 10, I was -32 pips or £16 down. But then, clever clogs here changed the pip value before the 11th trade was executed to £50 per pip! Thankfully this was a positive trade and surprisingly, executed correctly for a change – I must have shit myself into following the rules on this last one. So I finished for the day -30 pips down, but £84 in profit for the day.
I am here today to say that from this point on, if I ever play with the pip value for the wrong reasons again or repeat any of the other mistakes I have been making until now, I am CLOSING the book on Forex Trading – considering that I embarked on this line of work many months ago and I am still behaving like a rookie, must mean that this is not for me. This is my own ultimatum, Sid at Forex Training Works used to say that you shouldn’t apply pressure on yourself and should be very relaxed when sitting down to trade. Sid also you to say that when the penny dropped for people, following the rules, especially GOWID, became second nature and people made a decent living from Forex. Well, I may be applying pressure on myself by giving myself this ultimatum to stop being a dick head, but it’s a necessity now, otherwise, I am going to lose all of my capital and will be so fucked up in the head that there will be no returning from that place.
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