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May 11

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Tuesday 11th May 2010 – Precision and Harder Balls

Maybe could have been a memo title from Isambard Kingdom Brunel……..

Today I finished a little down by 6 pips and a few pounds in a  day that could have been very profitable. I still seem to be suffering from two main weaknesses :

1) Precision – I entered 3 trades this morning just a few minutes too early before my setup was 100% ready….I was greedy to get in early, greedy to grab more from the expected move. Instead I got stopped out on all 3 as moves didnt materialise from the get-go and I got taken out. At this point I am 2% down for the day.

2) Not having the Balls to wait out a retrace. This cost me 60 pips on GBPJPY,  20 pips on EURUSD, 60 pips on EURJPY, this morning, instead I got out for just a few pips profit on each. I manged on these 3 trades to pull back most of the 2% of the mistakes made earlier, but could have overtaken these early loses had I been prepared to “trade” and not prepared to “lose”.

Mark Douglas will get a reading this afternoon !!!

My EURJPY  in/out  in/out  in/out trades are below….nothing to be proud about, plenty to learn. One thing for sure is that the market can strip you of confidence and treats the arrogant with total disdain.

EURJPY : Too Many Trades a Few Mistakes

EURJPY : Too Many Trades a Few Mistakes

Have  good trading day

Jimmy

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