Took my eye off the ball....

....and suffered as a result. I started at 7.49am and finished at 8.21am for -7 pips off three buys trades.

The first trade was very risky, with hindsight I should have stayed out of this. There was something going on this morning as the spread was 4 pips (between 7.49am and 8.03am) when I started and there were no announcements any time soon. A move began, which I got in on, but stalled and reversed very quickly – I did GOWID and the duration of the trade was 14 seconds, but I had locked in -5 pips by then. Again with hindsight, I should have GOWID when this trade stalled which would have locked in a loss of -2 or -3 pips. Another lesson reminder – GOWID at the first sense of doubt and do not wait until it reverses. This further emphasises the need to wait for a good correlated move with strong sustained momentum before getting in on a trade. Score for this trade; 4 out of 10.

The second trade wasn’t quite there. It produced +1 pip but took 21 seconds to do so. Though correlation was evident I don’t think the momentum was strong enough, else it wouldn’t have taken this long and certainly would have produced more than +1 pip. So I’m scoring this trade 4 out of 10 as well.

The last trade was a complete balls up. Something bizarre happened, the spread increased from 2 pips to 5 pips, but this was after I had made a decision to stay in this losing trade. In other words, I should have GOWID for -3 pips even before the spread increased. What I did in actual fact was watch the candle move up and down, all the time at a loss, maintaining its 5 pip spread and I eventually, over 4 minutes later, came to my senses to GOWID for -3 pips, though it could have been as high as -8 pips. So score for this trade; 0 out of 10.

Overall average score for the day; 3 out of 10. What do I take away from today to remain in a positive frame of mind. I actually feel quite positive, in spite of today’s results. I’m not proud of the third trade at all, but will put it down to the increase in the spread throwing me. So a small hiccup today but this will not hinder me in my progress. I have one more day of trading this week as Friday and Monday are bank holidays and I will trade well tomorrow, even if it means sitting through the whole session without entering a trade.