Classic example of poor control

Look at the size of that green candle on the Cable........the result of my downfall again today. I started as planned at for 8.00am (7.57am) and finished at 8.28am for -12 pips off two buy trades and one sell trade.

All was going well to begin with – I wasn’t being tempted by the Cable that was moving jerkily in chunks of 2/3 pips downward in the remaining 3 minutes of the 7am candle. There was no correlation, the Cable jerkily moved up and down to finish the 7am candle 15 pips below my starting datum line, as can be seen in the screen shot. It did cross my mind a couple of times, though unwarranted, as to if I could have got a couple of pips out of the 15 pip downward move – I think this was the beginning of taking the wrong thought process which led to my downfall.

Into the 8.00am candle the same type of uncorrelated move, this time upwards, continued with the Cable, all the way up from around 1.6372 to around 1.6400. After this point, the Cable was moving up with a type of correlation, whereby, the Swissy was either holding or moving down by 1 or 2 pips, but most of the time just holding its position, so clearly no momentum. The Euro would move up, but only by 1 or 2 pips and also, with no momentum. But the Cable, would be jumping upwards with big 3-4 pip jumps. So coupled with the fact that I must have been thinking, I got to get some pips out of this candle which is now 40 pips high, and being inexperienced trading moves such as these (being quite jerky and not that smooth), I get in and fail on both buy trades locking in -9 pips between them. Interestingly, these trades lasted around 25 seconds each – the reasonable time frame that is normally required for a profitable trade, though these produced the opposite result. I score both of these trades 0 out of 10.

The third trade isn’t worth talking about, apart from the fact that it would immediately score 0 out of 10, for gambling is simply not permitted – I got in on a sell trade for the sake of it – with no valid criteria present.

So the average score as a whole for the day is 0!

Now for a further kick in the face, the weeks round up;

Mon -2 pips

Tues -1 pips

Wed 0 pips – no trade (NT)

Thurs -11 pips

Fri -12 pips

Total for the week; -26 pips.

Now that I am done with the kicking myself – moving forward – what can I say, however hard it is and however embarrassing this is, I have to take the criticism I am bound to receive from the forums today and accept this as part of the learning curve and move on.