Wednesday, July 22, 2009

Rough week so far

I've been thinking about this current trading week and wondering why I seem to be struggling with intra-day trading. It seems to me there are very few set-ups, and out of those, I got whipsawed on a few of them. Something is wrong.

As traders, we have to consistently evaluate market conditions and keep things in perspective. Otherwise we fall into a blame game and end up losing our heads when we're in a string of negative days. I took a quick look at the EUR/USD and realized we have been trading in a 37 pip range for the past 3 days. Of course it is rough!!
I'm not trying to find excuses. By all means, I am 100% responsible for all my trades, the good, the bad and the ugly. If I am trading in this environment, it is by my choice, no one is forcing me to do it, so blaming the market is only a silly thing to do. I'm only pointing out what I've been feeling, this tight range makes things harder for me, as my set-ups are geared towards breakouts, and the breakouts are yet to happen.
On the positive side, I am improving. The P&L is only one measure, I feel there is improvement in the selection of the trades I'm taking (I'm using more confirmations than before), there is improvement in the ability to stay focus for longer period of time and I'm also improving the trading management and capital allocation.


  1. I found your blog very consistent and honest. All the best.

    I pray you do well with Forex and life.

  2. Thank you very much! I'm working on it, and feel that I'm on my way to consistency and prosperity.

    Best regards,