Foreign Currency Trading

Friday, June 25, 2004

Recap Trading 6/24/04

Last night I had my best day ever as a FX trader. I made +138 pips. This includes +88 pips from Wedsenday night plus another 50 for Thursday afternoon. I cannot be disappointed with making so much, but I can't keep forgetting a few that got away that would have given me a great day. A good trader will learn from his mistakes, I am planning on doing that. I was really disgusted with profit left on the table. This week has been tough with very little volatility. So when I finally get a great trading day I really want to maximize the profits. Live and learn.

Another thing I learned, I feel that added to my indecisiveness was I was afraid to trade to give away my profits. I was up +118 pips at one point, so I was realigned to give back anything. I was in a zone, and once I was about to make a trade, I pulled back, and boom I would have made another good trade. That really pissed me off and I needed some time to refocus, it pissed me off because I had trendline confirmation. When you are in the zone, do not try to overanalyze if you are up big. I think there two things, I will be doing is set a mental stop on how many losses I will take and after 3 losing trades take a timeout. Reason for this, I am no longer in any trading zone and I never never want to give back a good day.

posted by ErickFXtrader at 9:27 AM

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