It’s so easy to stray – that I know more than anyone else. I started at 8.05am today and my overall result for the day was -2 pips. In comparison to the last few days of trading, from a pip point of view, this is a big jump in the right direction.
Having said this, my application of GOWID still has a long way to go. My first trade yielded -2 pips and for once, GOWID was applied almost on a reactionary basis. This minimised my losses during the 10 second duration of this trade. This is how GOWID should be working.
The second trade however, lasted too long and GOWID was not used appropriately and hence, produced a large -5 pips. The duration of the trade, 54 seconds, is another indication of this being a poor trade.
The third and final trade for the day produced +5 pips. This however, was a risky trade. I could justify it all day long by saying I knew it would go positive, but the crux of the matter is it could have easily reversed, far more than it did at quite few points during the early part of the 3 minute 11 second trade. I maybe being overly hard on myself here, but if a trade has gone negative even for a second, there is doubt in my mind, and when there is doubt GOWID should come into play. So in theory, this trade should have been a -3 pip trade, as that is how far negative it went at one point.
I have to improve the choice of my trade entry points. When the entry points are better, there’s a smaller chance of the trade going negative. This automatically means that I am less likely to be a hopeful trader which is ultimately what I was doing in the last two trades today. And I know too well what hopeful trading can lead to.
So to summarise today, the bad habits outweighed the good habits and I was lucky to have finished for -2 pips. The good news is that I still limited myself to 3 trades, even though the Cable looked like it was going up beyond where I finished my last trade. Some discipline is still in place!
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