If I had a penny for every time I fucked up..........

I started, or I should say, set up at 10am with a view to watching until 10.15am which is when I could officially start trading after the 10am announcement. There was a 4 pip spread on the Cable, which meant that there was some sentiment that people could try and turn a quick profit off the back of the announcement, so I stayed clear as per the rules. The spread then reduced down to the usual 2 pips on the Cable, so I got prepared for my opportunity to arise.

Before I get into my fuck up, or if I can be bothered to, I finished trading at 10.25am for -23 pips off one sell trade and had another opportunity to witness the glorious stop loss kick in for me.

If you look at the charts and my entry point, isn’t it just great how I got in on a sell trade right at the end of the downward trend? I mean, I couldn’t have picked the lowest possible point to get in on a sell trade, and then watch the candle reverse its direction immediately after I got in.

But instead of feeling sorry for myself, I should just focus on what I did wrong. So – I picked a bad entry point after watching the Cable happily go down 20 or so pips, but if GOWID was exercised, which is it wasn’t at all, it would have limited my loss on this trade to around -3 or -4 pips. Stating the very obvious here has not made me feel any better, but at least that was my mistake today.

My anxiety resulting from my financial situation is making me fail at Forex. If I was being honest, before sitting down to trade today, I was considering increasing my pip value from 5p to the £40 level which corresponds to the capital I have. But when I sat down, a small amount of sense that I have, made me stick to the current 5p. Else, I would be enjoying a £800 loss right now, instead of the £1.15 loss that I have incurred. The other bizarre point is that I kept saying to myself that I will only get in on a trade if I felt 100% confident about it – but clearly I forgot to say to myself that if I fucked it up, falsely thought I was 100% confident and got in – also remember to fucking GOWID!