....this is the lesson learnt today. I started at 10.18am and finished at 10.41am for -8 pips off one sell and two buy trades.
Ok, I’m staying positive and learning from the mistakes – that is the name of the game. Some excitement got the better of me today – the Cable was growing a large red candle and correlation between the currencies was evident, but with hindsight, without the necessary momentum or continuous downward move. There’s time for when I will be able to get pips off moves like todays, but for now I will concentrate on the less risky trades, which equates to correlation between the currencies, strong momentum and sustained or continuous moves. What I have been doing recently, is getting excited that correlation is present and to a certain degree momentum, but what has been lacking is the sustained, continuous move, hence the title of this post.
GOWID was okay today – the second trade could have been exited sooner but I did well with the others to limit my losses. The third trade in particular, was quite interesting in that the duration was 36 seconds, longer than what I’m happy with, but I GOWID as soon as I saw it edge in the wrong direction and that was 36 seconds after entering. So even if the entry point was wrong, GOWID can still protect me – another good lesson to remember.
Score for today; 4 out of 10, and this is because I did GOWID today.
In the name of staying positive and accepting days of losses as part and parcel of trading, I’m finishing this post with what I have learned from today – in addition to correlation and momentum, I will only enter a trade in the future if I also see a sustained continuous move – and whatever happens, GOWID goes without saying.
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