The Futures magazine is a magazine that I read in Borders when I visit. It is published in the US and Borders in the UK are the only bookshop who import magazines.
However, I found a link to get a free subscription of this magazine for those in the US and Canada meaning that I don’t get a chance to get this! Oh well, something for my American and Canadian trader friends or simply if you want a free magazine subscription!
Visit here
A few days later after my long trade with EURCHF which should have yielded a nice 180 pips (of which I took none… see previous post for reasons).. another trigger was initiated but this time on the short side. The stochastics crossed and the trend line indicated short. I went short at 1.6275 with a 50 point stop and a 50 point target.
The market fell sharply and I took my profit at 1.6235 for 40 points! I am still unable to ride the trends.. I was thinking it being Friday and the market being close over the weekend, it may open with a gap.
Anyway, I didn’t even leave the market to hit target and to be honest, the market is heading my way I should still be in. The take profit with this strategy is to open 3 lots with a 30 point target for the first, 60 for the second and 90 points for the third.
If I had followed this, it would be a nice 90 point profit already with the third trade open with 60 points in the bag.
The problem is, I am still testing this trading strategy and only open opened 1 lot….
I have been busy today and posted quite a few times in a short space of time!
Anyway, I entered another trade after the previous and make all the losses back to close at 0.3 points in profit! Hoorah, at least it wasn’t a loss!
As I mentioned earlier, I was talking about the head and shoulders pattern. It wasn’t a perfect pattern but as I write, the market has indeed reversed and hit my targetted endpoint at 1388 and indeed has gone beyond this!
In addition, I didn’t mention my Fibonacci placements.. you can see that the market hit an almost perfect 50% retracement level and went lower. There was round support around the 23.6% level so which was a good point to go long.
As I am watching the markets every day, I feel that I am starting to understand the mechanics of how it works.
My biggest downfall is my inability to hold a trade. Market movement is never in a straight line and zig zags up and down. I need to have the guts to ride through the zig zags and not get out at the next zig or next zag! My entry points aren’t bad when I am disciplined… however, I am let down by my eagerness to get out of a trade either through fear (scare to lose money) or greed (bag the profits I have for trades which are going my way).
Trading successfully takes time.. there are many steps and each day you learn from mistakes. However, sometimes what you think are mistakes are not mistakes but just probability or luck against you.. it’s in these situations when the lesson you think you take away isn’t a lesson at all.
Through this blog, which I use as a reference to my trading progress, I have material which I can use in hindsight to understand what I did write or wrong. In the heat of the moment when you are actually trading, it’s it difficult to see what you’re doing right or wrong.. through hindsight, I can spot my mistakes.
