It’s funny, I was just looking at my results from last week and for a moment, couldn’t work out what the hell I did last Monday. I was sure I only executed 3 trades last Monday, but then it dawned on me, I went a bit crazy last Monday didn’t I?
Moving on very quickly – today yielded positive results but having had some time to reflect on this morning’s one trade, it is a case of luck paying off again really. It’s amazing how easy it is to congratulate yourself just because I finished today for +3 pips after one trade and the whole trading session lasted 9 minutes – starting at 8.30am and finishing at 8.39am. But when I replay the events in my head step by step, it paints a different picture.
When I sat down to trade or, not to trade as they say in the Forex Training Works course, the Cable already had quite a big red candle, it was down around 20 pips from its 8am starting point of around 1.6085. The movement between the Swissy, Euro and the Cable was up and down between 4 to 6 pips. But then the Cable and the Euro began to move down with some momentum, whilst the Swissy edged up very slowly – so correlation was present. I jumped into a sell trade at 8.35am when it looked like the Cable was going to take off further down – this is where I am clearly going wrong, I just shouldn’t be anticipating a move, I should be getting into a move that is already underway with all the criteria. This also explains, why I was, at one point, -7 pips down on this trade – this is what I meant by luck paying off today. The trade eventually came back, did what it was supposed to, it moved down further with momentum and I exited the trade at 8.38am for +3 pips.
As soon as I had got out of this positive trade, I felt great, the title to this post was when I started typing, “A Great start to the week”, half way into the second paragraph, I changed it to “A better start to the week” and I have just changed it now to “A start to the week”. Funny how my mind works, always trying to fool you in thinking you have done far better than you really did. My rights and wrongs today, starting with the wrongs, entry point for trade, not good, should have GOWID when it was down -2 pips and wasn’t going anywhere anytime soon, need to wait for better criteria before entering trades. Rights – closed down for the day and recognised my wrong doing – I making progress in such leaps and bounds.......
It looks like my pip value will be remaining at £0.50 per pip between now and Friday next week, that’s right for almost two weeks, that my punishment for today and of course that will be my level of investment as long as I don’t have any more fucks ups during that period.
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