Apr 26

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Monday 26th April – Stick to what you know !

Not a profitable days FX trading.

I traded too much and traded a couple of tester strategies which I should be assessing off-line rather than using hard cash. If I had just stuck to my main trade strategy  this morning I would have been healthy in profit after good trades that followed my rules on GBPUSD and EURJPY. My bad trades wiped out this profit and some – losing 1.5% on the day.

The tale of two trades can be seen here.

1)Long on EURJPY after a “Breakout” of a range that had been going on for an hour or so with my target of the daily high made earlier in the Asian session – what strategy was that following other than a hunch ???

The Hunch Trade

The Hunch Trade

2) Short on EURJPY that followed my Snapper Strategy perfectly and took my 1% on this trade

The other half of the session - 1% on EURJPY

The other half of the session - 1% on EURJPY

To take a positiove from the day was that after losing on the first EURJPY trade I was able to stay switched on and see my strategy setting up shortly after. I think in earlier weeks I would have been a little too pissed off to have stayed focussed.

I need to work harder on :

  1. Trading Less and fill my boots and not the brokers
  2. Only Trading my strategy

Good luck with your trading


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Permanent link to this article: http://intradayforextrading.co.uk/2010/04/26/monday-26th-april-stick-to-what-you-know/

1 comment

  1. FFXD

    That must have hurt. I would never trade a new strategy on a live account. I hope you recover soon.

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