Posts Tagged trading psychology
The graph today looks like a simple and straightforward set up... the upper barrier is 15288 and the lower band 15236. The market broke towards the downside and one would have claimed some nice and easy profit.. this is the trading system that I should be trading... however, I lost today!!
The biggest problem here was that I did not follow my trading system... to be a good trader, one needs to be disciplined and follow his or her system... I'd been talking about this and yet, I didn't follo
April 28, 2010
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Today when I had checked the markets, the GBPUSD had already moved up quite significantly.. this made my channel rather wide at 55 pips or so. I'm always conscious when the market has moved away like this as it should pullback before it makes another ascent. However, the market looked like it was heading upwards so when the market started to pullback, I entered long with a 30 pip stop and a 30 pip limit.
My entry was at 1.5453, stop at 1.5423 and target 1.5483. The pullback was deeper than
April 26, 2010
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I've heard that you don't do yourself any favours if you think too much about a position when trading. In fact, there was something that the more academic a person is, the more they have to justify their decision before making the trade.. in the fast move world of trading, by the time your neurons have worked out what to do, the market has already moved and along that, the opportunity.
My trade set up today was a long if the GBPUSD went above 15287. The usual limit with this breakout trade is
April 9, 2010
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