Quite Risky

I started at 6.53am and finished at 7.12am for +3 pips off one sell trade. However, this was quite a risky trade. Though I saw correlation and momentum looked good, the trade stalled and the Cable reversed shortly after getting in and I was at -3 pips at one point. Over the next 1 minute and 35 seconds which was the duration of the trade, it hovered between a loss of -3 and -1 pip before suddenly pushing down to give me my +3 pips profit, at which point I was relieved to get out.

So all in all, not a good trade, the duration of the trade alone is a good indication of this being very risky. I’m not there yet in experience to enter trades such as today’s – I have to wait for the trades I know are solid and if trades such as today’s happen, I have to GOWID and take the small loss or as before, I am just practicing bad habits and setting myself up to fall over, over and over again.

Today also had early announcements due at 7am and 7.45am which was inconvenient. So when I sat down, I set out to not trade until 7.15am, but the spread on all the currencies had not changed before 7am and had still not changed by the time is was 7.05am. So I decided to trade, if an opportunity arose of course, and it did, or at least it looked as though it did at 7.10am which is when I got into my trade today. The intention was also to stop trading again at 7.30am, 15 minutes before the 7.45am announcement and recommence at 8am, 15 minutes after the announcement was over, but then I didn’t get that far.

Looking at tomorrow’s announcements, I have slots available to trade between 7.15am and 8.45am or between 9.45am and 2.45pm. I will be taking the first slot.

I’m fighting to stay confident and in control and I need all the help I can get financially. I need good, solid trading days under my belt to build my confidence to the levels I know I have been at before and turn this all into a profitable business in the long run.