Sorry for the lack of updates.. I’ve been on holiday for the past 2 and a bit weeks… I’m back now, refocused and ready to go again!
So far so good (except that I made a couple of losing Forex trades today which I’ll post later)…. I received some more cheques from Clickbank and got some other payments.. all in all quite good!
I have been quite careful of late and this has benefitted my trades.. I have found that the best trades are those which are ‘boring’. When I say boring I mean that they do not give me the excitement which I experienced before… I just put them on and wait patiently. Sometimes I am not patient and end up closing them too early.
Anyway, one of the terms I have heard before is ‘bottom pickers get smelly fingers’ referring to those who try and time bottom of markets and this also corresponds to those that try to pick tops.
I made this mistake today, the USDCHF looked as though it had run out of bull steam and had hit an area that looked like a region of resistance. The price action had failed to get past this area and I put on a short trade at 1.1850. If you look at the price action before, you can clearly see that the market is trending upwards and not downwards as I had traded.. I was trying to play the countertrend. Luckily for me this market doesn’t move as volatile as the others and I closed at a -30 pip loss.
I am kicking myself for this trade as I should have known better.. it annoys me that I made this trade considering the years trying to get out of the habit of trying to pick tops and bottoms.
After my profitable AUDCAD trade last night, I entered short the GBPJPY right when it topped and fell. I had a 100 point stop which got hit.. quite annoying but as a trader (or trainee trader in my case) you have to learn that trading is about winning and losing.. you just have to take it on the chin and move on.
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