Wednesday, August 12, 2009

08/12 Day Trading FOREX

Took me a while to process the day, I think I might have a self-created performance issue. Whenever my trading starts to derail, it is a good time to re-evaluate and take a look at what may be causing it. I think it is my change in trading size, there were several execution errors Today that caused a lot of frustration.

I was able to regain control and traded beautifully during the FMOC meeting. Nothing like trading with a fresh mind-set and in the flow. But first, let's look at what I did this morning.. A word of warning, it wasn't pretty.

1) Short AUD/USD: Here I jumped the gun, the trade was not clear, I need things to happen in a certain sequence to validate an entry: 1) a break of the lower trend-line, 2) Retracement and 3) Continuation. This didn't happen here. -1% ROI

2) Long EUR/USD: Tried to get on this trade manually, jumped the gun again. Notice we never made a new high. I got in as price3 was approaching the entry. -1% ROI

3) Long EUR/USD: Good execution, this one I entered with an entry order. It got within 80% of the target, I exited as it faded back down to B/E. +0.15% ROI

4) Long AUD/USD: Last but not least, the worst mistake of all. I had the charts set for ASK instead of BID. This caused me to get stopped out during the retracement, it would not happen otherwise. After this trade I was pretty much fuming and no longer traded. -1% ROI

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