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What an ironic day of trading. With so many up swings and down swings on Labor Day. Beginning with trading USD/CAD the night previous things did not go quite as planned. Upon market opening the previous night the trade was lost due to setting a stop loss of 10 PIPS and a take profit of 10 PIPS. This can be dangerous as I found because it does not take much for the price to move 10 PIPS up and 10 PIPs down. The trade closed out and I lost that amount.
Yesterday my problems were beyond this. I traded fairly wildly, looking for opportunities and possible trends while really ignoring the fundamentals and technical. I Recollected all but .3% of my losses.
After getting home from the family labor day gathering I began to trade in the evening during the first hours of trading. Attempting to trade a variety of pairs using price movements and possible up or down trends. I closed out all of them as they began to move against me except USD/JPY which I had shorted. This brought my losses to 2.2% of my starting balance. I let my Yen trade ride out throughout the evening and night setting my risk reward at 1 to 2. I woke this morning to find ironically that my balance was 0% gain 0% losses.
The Take profit struck and I regained my lost 2.2%. I guess it's better to be at 0% lost and 0% gained to have lost. The great thing is if I had stuck with my plans can only trade in a certain amount of my goods and really looked into what I was training I would not have had that problem.
After getting home from the family labor day gathering I began to trade in the evening during the first hours of trading. Attempting to trade a variety of pairs using price movements and possible up or down trends. I closed out all of them as they began to move against me except USD/JPY which I had shorted. This brought my losses to 2.2% of my starting balance. I let my Yen trade ride out throughout the evening and night setting my risk reward at 1 to 2. I woke this morning to find ironically that my balance was 0% gain 0% losses.
The Take profit struck and I regained my lost 2.2%. I guess it's better to be at 0% lost and 0% gained to have lost. The great thing is if I had stuck with my plans can only trade in a certain amount of my goods and really looked into what I was training I would not have had that problem.
Remember when trading commodity currencies provide yourself a little extra leeway with stop loss and take profit due to the wild up and down swings in currencies such as the NZD and AUD. Yesterday I sent some conservative trades into the AUD/USD and was surprised when what seemed like a clear downtrend reversed and suddenly jumped up to close out my stop loss only to three minutes later drop down to what would have been my profit line and beyond...
It's an exciting thing to be trading live. A little nerve wracking but with proper controls and strategy things can be maintained.
Happy trading and good luck.
Stay focused and stick to the plan. Do not let ego get in the way. Always get 1% better each day.
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