It was a late start again today. I did sit down for 8.30am, but there were various announcements due this morning and the first clear slot for me was from 10.15am onwards. So I watched for a little while and then decided to do some other work until 10.15am.
I eventually sat down again at 10.11am and ended up performing very poorly again today. If it wasn’t for luck which allowed me to finish today for +3 pips off one buy trade and two sell trades, I would have finished today with some hefty negatives.
My first buy trade had duration of almost 17 minutes. That should be enough to illustrate that this trade was executed all wrong right? At one point I was -8 or -9 pips down on this trade and I happily sat there watching, hoping and waiting for it to reverse and yield a profit. When it did, I luckily got out at its highest point to yield the +2 pips it produced. This trade has nothing at all in it for me to be proud of – it is so important that I realise this and not go on thinking that it is okay as long as I break even or make a pip or two.
Trade two, the sell trade which again I was in for just over a minute and a half produced a loss of -3 pips. As with the previous trade, the duration of this trade alone is enough to illustrate that this was executed all wrong. I jumped into this when I saw the Cable jerk down by over 10 pips – I didn’t really look for confirmation from the supporting currencies, I didn’t see any sustained correlation or strong momentum in all three currencies, so again, this is a trade that was executed very poorly, I should not have even got into this trade in the first place. Thankfully, I didn’t just sit there and wait for it to go positive, though it did after I got out – but I can’t think like that as if I had stay in I would just be breaking more rules. So, if I am to walk away with something positive from this trade, though I was not quick enough in doing so, I did exercise GOWID, which is the correct thing to do.
Trade three, another sell trade which had duration of one minute – still too long in my opinion which again boils down to not waiting for all the criteria before getting in. But if I remember correctly, this trade did not go negative at any point, instead it inched down slowly until there was around 1 pip left before it cleared the spread to break even. There was correlation between the currencies, but there wasn’t much momentum, hence the reason for the prolonged duration of the trade. But then, without warning, the Cable suddenly jerked down to clear the spread and produce the +4 pip profit. And I exercised GOWID straight after. I did notice the Cable had moved down by a further pip while I was taking the screen shot, so to avoid me wondering if I should have, could have, stayed in the trade, I closed down the platform before any more movement was visible to me. As much as this last trade was okay, not perfect but okay, having re-read the events that transpired, and knowing what level of trading expertise I have, this is another trade that I should not have got into.
Ultimately – not exercising GOWID and not waiting more patiently for better entry points are my biggest problems – so do I feel any better than yesterday or after last Friday’s session? The answer is NO!
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