An OK start to the New Year

I started at 8.34am and finished at 9.16am, so less than 45 minutes today, you could say, a short session in comparison to last week. Today’s session produced a total of -3 pips off three trades, 2 buy trades and 1 sell trade.

My general feeling for today as a whole is good, though there is a small niggling feeling that I could have been more patient. This may be due to the fact the session was relatively short in comparison to the average duration of last week’s sessions, but nevertheless, patience was somewhat lacking today.

I am happy to say that GOWID is functioning well though, as the first 2 trades today produced 0 and -2 pips respectively. Ironically, both of these trades went positive after I had got out, but then if I was in doubt, I have to get out, this keeps me in check. If I had stayed in these trades and finished each trade for positive pips, I would have been writing about them with my infamous line, at one point I was at -2 pips etc. In fact the third trade is a perfect example of GOWID protecting me. This third and final trade lasted 17 seconds, I started to doubt the trade when the Cable was holding for longer than I envisaged, but it eventually cleared the spread to break even and then began to hold again. When the Euro indicated that the Cable should begin to fall any second, I got out. By the time the platform exited this trade, I was at -1 pips and by the time I had taken the screen shot for the blog, and if I had stayed in, I would have been at -3 pips. So GOWID worked exactly as it should in this last trade.

I also increased my pip value for this week from 10p to 20p due to the fact that I followed all the rules last week and finished with positive pips. A step I haven’t taken for as long as I have been writing this blog. With focus and some luck, these increments will continue in the weeks to come and at some point this year, I will be trading at the pip value that matches the capital that I have.

The main result of today is that my losses were kept small, just as Sid used to say during the course. I’m sure I will be a lot more patient tomorrow and will only enter a trade if I am confident that one, it will go positive straight away and of course, two, if correlation between the currencies is present with strong momentum.

Dare I say it...........onwards and upwards!