Have I recovered from Tuesday? I don’t know. Did I trade well today? Just about – I think.
The plan after Tuesday was not to trade at all for the rest of this week. I didn’t trade yesterday and I was going to keep it that way until Monday. Having said this, I wasn’t feeling too bad yesterday. I had, to a certain extent, brushed Tuesday’s events under the carpet – I have to right? Otherwise it’s just going to make me more anxious than I am already and that is so far away from the mindset I need to succeed in this.
Though the intention was not to sit down today, I had some time to kill, and I thought I’ll go for it, planning to take it easy and not enter any trades unless I was really, really sure – heard this before haven’t we?
So I settled down at 8.46am, set up my charts and got ready for my trade to present itself – if you haven’t guessed already, I finished today for +2 pips from one buy trade which lasted just under two minutes from 8.51am. When I started, the Cable already had a large 30 pip red candle with a further 10 pip wick at the bottom, which means, between 8.00am and 8.46am, the Cable had moved 40 pips down in whatever form. But by the time I started watching, the Cable had begun to reverse its direction, and correlation between the other currencies was evident. What was missing however, was the momentum that I talk about all the time. The Cable was moving back up alright, but not in a steady movement and not with any gusto. After watching the Cable move up through 20 pips, the Euro looked ready to punch upwards, there was no wick at its top end, the Swissy was pushing down with no wick at its bottom end and the Cable was hovering around the 1.5928 mark – and I jumped in. The trade cleared the 2 pip spread almost straight away, but then held, dropped back by 2 pips, held, then cleared the spread again and went positive by 1 pip and held (this is when I should have got out, but I stayed in), then reversed back down by 2 pips and then another 1 pip and held, then went positive, cleared the spread and up a further 2 pips to 1.5930 and I exited the trade.
When I answered my question about trading well today with just about, you now know what I mean by this.
I also just noticed that since I started this blog, I haven’t reported on a day’s trading where all I have done is sit and watch because an opportunity to trade with all the correct criteria has not presented itself. In fact, Tuesday this week should have been one of those days of physically not entering a trade at all – I remember thinking this during the Tuesday session, obviously before I jumped into that first disastrous trade which took me further downhill ten trades later. I have to remind myself to expect the odd days when all I end up doing is sit for the 1hr 45mins and simply not trade for the day – I used to see numerous examples of this from other live traders on the Forex Training Works daily bulletins and most of them were consistent traders who finished positive week in week out.
I have just finished rereading this post, and noticed something at the beginning of the fourth paragraph that gave me cause for concern. I said “........and got ready for my trade to present itself...” – this may have quite big part in why I seem to be fucking up so often. This only jumped out at me because I just reminded myself about sitting down and not trading in a given session. Fucking mindset shit is all I can say – hard fucking work, all of it!
I am definitely not trading tomorrow and will be back here after my Monday session to, let’s be positive shall we, to report on how well I did.
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