Still not confident

I had planned to sit down for 7.45am but due to laziness, didn’t manage to sit down until 8.49am. There was a low impact announcement due at 9.30am that would affect the Euro, so this meant that I should have stopped trading at 9.15am, but I didn’t really stop until 9.24am. I then should have sat down again at 9.45am, 15 minutes after the announcement, but I sat down 7 minutes earlier at 9.38am. I have used the term should have twice already haven’t I? Moving on – I eventually finished for the day at 9.46am for +6 pips off three buy trades.

+6 pips is probably the best result I have had in any one trading session, but these pips were not obtained in the manner they should have been.

For example, my first trade should have yielded +1 pip instead of -2 pips. The duration of the trade was a minute and a half, too long, and it went positive at one point during the period. But, I was greedy, thinking it would go further into the black, when in actual fact I was in doubt and when in doubt the rule is GTFO (get the fuck out – the new term I have coined). I didn’t – though thankfully I had the sense to the GOWID for -2 pips.

The second trade was better, and I suppose I should give myself some credit for this trade. The duration was 22 seconds and the trade produced +4 pips. Now I don’t know if I have just got used to giving myself a hard time, but I still don’t feel confident about this trade. I am quite sure that this trade did not go positive straight away. I think I waited the full 22 seconds to see the trade go positive and then exercise GOWID. But if I am to feel good about something today, it would be about this trade as the others were quite poor.

The third trade is another example of luck being on my side as opposed to it being a well executed trade. The duration of the trade is the biggest indicator of this being a poor trade – it lasted just under 2 minutes. This trade held its position at -2 pips (yet to clear the spread) for quite some time – so really speaking this could have  reversed to produce a loss of more than -2 pips very easily and would I have GOWID to minimise my losses is another question. The Swissy and the Euro were not moving in their respective directions with any momentum either, in fact the Euro dropped a pip here and there before eventually pushing up. So all in all, a risky trade. No brownie points for this one.

I had said to myself that in today’s trading session I will wait for that perfect trade to reveal itself or no trades will be entered into. That point before entering a trade when I feel really confident – I have had been in these situations that have led to perfect trades before, so I know what these types of trades look like. They have occurred rarely for me, so being able to spot the build up of such a trade easily needs more experience. So that was my plan for today – but I didn’t follow my own advice when it actually came to the trading. I instead carried on practicing the bad habits I have got used to. Tomorrow – I will change, less is more as Sid used to say, also, why unnecessarily stress myself out doing anything but what I should! It’s just not healthy!