Wednesday, July 1, 2009

07/01 Day Trading Forex

Was not at my best Today, I took two trades and made mistakes on both of them. I plan on reviewing all my trades this week to identify what needs improvement on my part.

1) Short GBP/USD:-- My worst trade this week -- One of the key issues on my first trade was the fact I wasn't clear at that point on what I was looking for. Ended up chasing price action to the down-side, got whipsawed. Notice this was a trade in the middle of the range, something to avoid in the future
2) Short GBP/USD: On the second trade, I was already looking for a sell at the top of the range, the trade went my way (1/2 of the target) but bounced right back up and hit my stop. I failed to update the stop and move it lower to protect my capital. Got frozen on my idea instead of being flexible and follow price.

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