«

»

Apr 26

Print this Post

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

Jimmy

If you enjoyed this post, make sure you subscribe to my RSS feed!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>