Trading Recap 6/21/04

Today was one very quiet day. I waited for the price to hit my trendlines and sold those levels that I was looking for. Unfortunately, they all drifted higher and went against me. I attempted to get out with small losses and get back in at higher levels, but it continued trending higher.(I was looking to sell Euro and GBP, I got in GBP at 3 different levels one @ 1.8310, then 1.8313 and one final time @ 1.8314, all trades in 2 mini lots. Biggest loser was -12 pips.)

One thing I learned, and it was a good thing it was a slow market. Once you have your channels/Trends drawn and the price breaks above/below them. You gotta keep very tight stops. Redraw your lines and confirm your trends. You wanna double check every thing. You do not want to be incorrect, you will feel like a total jackass and more importantly it can cost you a lot of money. In a slow market, you have time to 2x check and keep tight stops. In a fast market its a whole different animal.

I was down -41pips in 7 trades. I had only one double digit losers(-12), but no winners. Slow markets are tough, 5-10pip profit is awesome, but here is the dilemma I have. There will be a time in a slow market you can have a 20 to 30+++ pip move. What can you do to make sure you don't miss that move. Put multi lots out. In a slow market you will have a good opportunity to get out. As long as you don't develop A Deer In Headline Syndrome. Take a profit in one lot of 10 pips then try to ride out your other lots, till they hit the levels you hoped for. Your other open lots, make sure they do not become losers, just have stops that will give break-even or small profits.



On Friday I never posted. I ended up -21 pips from 3 trades. I had the potential to make good money on one trade. I could have made +20pips, but ended up w/+8. That pissed me off, cause I got a little greedy, and made me want to get back early than I should have and it cost me on 2 lots.