Its been a crazy trading week for me,a week where i flouted all my trading rules and decided to go for broke.The markets are a costly way to find out what indiscipline can do.In trading the only control you have are your rules and if that goes out the window,the broker gets paid and this week i wrote a big fat check to my broker.I'm now looking for ways to cope with my emotional trading pattern of trying to fly before i can run.Maybe i should set weekly profit targets which when achieved means trading stops for the week? One good thing that's come out of this is i have learnt how to combine daily and 4hrly charts to give good trading signals.I can also now see the essence of running a weekend diagnostic of the market since background noise is diminished.
05/02/2011
Forex analysis
I am thinking of using orders to trade to avoid the stress of always trying to check up on the market.
Order Trade
During my weekend analysis i have singled out a currency pair for my order trade .The daily stochchastics and MACD and pipe formation on NZD/USD daily chart are all indicating a shorting opportunity.4hrly chart is still in downtrend.I am setting up an order trade as follows:
Trade direction: short
Trade size (£ per point) :£1
Comment:
Trade was closed out early for A 5o point profit because i had commitments for the rest of the week.
Verdict: loot
05/02/2011
Forex analysis
I am thinking of using orders to trade to avoid the stress of always trying to check up on the market.
Order Trade
During my weekend analysis i have singled out a currency pair for my order trade .The daily stochchastics and MACD and pipe formation on NZD/USD daily chart are all indicating a shorting opportunity.4hrly chart is still in downtrend.I am setting up an order trade as follows:
Trade direction: short
Stop loss:7754
Target price for exit: 7557
Target price for exit: 7557
Distance between stop and target:197
Distance between stop and target/ 4: 50
Entry point for desired risk reward of 3:1-7704
Potential loss(risk): £5Distance between stop and target/ 4: 50
Entry point for desired risk reward of 3:1-7704
Trade size (£ per point) :£1
Comment:
Trade was closed out early for A 5o point profit because i had commitments for the rest of the week.
Verdict: loot
This is Impressive!! as wether you are a newbie or an old time you've got to have your own trading rules and stick to your guns if anything substantial is to be made of the market,i'm currently employing some emotional guidiance trading disciplines to my trading principles so as to keep me streamlined and focused as a newbie in the market..great job!!
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