Monday, July 20, 2009

07/20 Day Trading FOREX

Today was a good trading day, I had 4 trades, only 1 win, 1 scratch and 2 losses. In average I'm got down about 1% for the day, that's not a big deal, considering my allocation per trade is 4%, one positive trade and I'm back in the green.

Capital Allocation: A+ (properly allocated in all trades)
Keeping Limits: A+ (kept limits in all trades)
Stop Management: A+ (managed stops properly in all trades)
Trade set-up: A+ (used confirmation in all trades)
Day's P&L Result: -0.97%

1) Long GBP/USD: This was the first trade for the day, it went positive but then reverted back down hitting my stop. Target was 10 pips, I took it with 3 lots. -2.57%

2) Long AUD/USD: This was a test of sticking with limits, the trade went 1 pip short of the target, when it faded I scaled out 1/2 by closing, kept managing the stop for the remaining 1/2, once again it went short 1 pip of the target and closed at the stop. 8 pip target, used 4 lots. -0.05%

3) Short GBP/USD: Great trade, the best of the day. I called in the room, went right to the target. 8 pips target, used 4 lots, +3.7%

4) Short GBP/USD: This trade ended up working after it took me out. I scaled 1/2 when we failed the target and went into a consolidation, the 2nd 1/2 got stopped out. 18 pips target, 2 lots, Results: -8.8 (about 1/2 the initial risk). -1.94%

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