I wanted to hit the day running and got off to a great start with 2 winning 1:1 trades with a Long on CADJPY and USDCHF. As it turned out I could have taken these to 2:1, which with hindsight is what cost me today. Not being particularly comforatable oustide of my EURUSD and GBPUSD zone, I was rather tentative with my early trades which meant when I hit a 3 losers in the later part of the morning I end up down on the day. How many times do you hear – let your profits run ?!!! With most winning strategies barely over 60%, from my research, it is so important to target at least 2:1 with each and every trade.
I hit, what I thought, was an excellent long trade on GBPUSD only to get taken out by 1 pip on my stop loss, then the move went in my direction……grrrrr. 1 pip really changed the type of day I ended up having.
Anyone else thinking that the markets are kind of reaching the end of some major cycles hence the flip flopping ?
1 Day left in the month and before my 120 mile bike ride to the Norfolk Coast. Thanks for the sponsorship I have received so far, anyone else like to pass a buck or a pound via paypal and help a very worthy cause please visit.mm