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Hello again traders!!
As I said yesterday I will analyze my trading for today. Hmmm... although I have some good results I am not satisfied. First about my sell position with GBP/JPY. After thinking to close or not to close it, I closed it early in the morning with 100 pips profit, but after that the price just went to my previous lower target and I missed to make another 100- 150 pips. I decided to close it because I am not in front of the computer during my work day and I didn't want negative surprises when I came back. But for today that was the wrong decision. I can name my trading day- The Day of The Lost Profits. The good is that I gained some money but I am still recovering from the losses. The end of the month is near and I am waiting that we all will increase mistakes because of our competitive spirit. I usually trade very bad last week and I was thinking that maybe it is not good to trade at all at this period. But my competitive spirit is stronger that my feelings, so I will trade of course to the end but I will try to minimize my mistakes. But how to minimize them? Right now I trade with SL 40 pips and TP 50 pips, my orders are 5M each. So.. I see 2 ways to minimize the losses. To decrease the SL from 40 to 20? Or to decrease the volumes of the orders from 5M to 3M or to 1M? Also tomorrow is Friday- this is not a good day to trade at all for me. I analyzed my Friday's trading and the result is negative. Anyway I just setup two pending orders but if they didn't open during the night I will cancel them early in the morning.
Now it is time to go to bed. Good night and good luck to all!!
As I said yesterday I will analyze my trading for today. Hmmm... although I have some good results I am not satisfied. First about my sell position with GBP/JPY. After thinking to close or not to close it, I closed it early in the morning with 100 pips profit, but after that the price just went to my previous lower target and I missed to make another 100- 150 pips. I decided to close it because I am not in front of the computer during my work day and I didn't want negative surprises when I came back. But for today that was the wrong decision. I can name my trading day- The Day of The Lost Profits. The good is that I gained some money but I am still recovering from the losses. The end of the month is near and I am waiting that we all will increase mistakes because of our competitive spirit. I usually trade very bad last week and I was thinking that maybe it is not good to trade at all at this period. But my competitive spirit is stronger that my feelings, so I will trade of course to the end but I will try to minimize my mistakes. But how to minimize them? Right now I trade with SL 40 pips and TP 50 pips, my orders are 5M each. So.. I see 2 ways to minimize the losses. To decrease the SL from 40 to 20? Or to decrease the volumes of the orders from 5M to 3M or to 1M? Also tomorrow is Friday- this is not a good day to trade at all for me. I analyzed my Friday's trading and the result is negative. Anyway I just setup two pending orders but if they didn't open during the night I will cancel them early in the morning.
Now it is time to go to bed. Good night and good luck to all!!