I was doing pretty well of late but my trading seems to have suffered a turn for the worse of late. I know that I am entering trades when I shouldn’t be.. they are like gambles. My short of the GBPUSD at 16263 was premature. The trend was clearly upwards but I was seeing a slowdown in the rate of progress the market was heading upwards.. it has powered uphill rather rapidly and I was expecting the market to subsequently move down before a continue journey upwards. Countertrend trading as this is called is risky as you never know when the countertrend will turn.. if indeed it does counter… which is doesn’t look like doing right now.

Sure, upwards momentum has indeed slowed but this doesn’t mean it’s going to fall. The money is on the uptrend but I have committed myself and will ride the trade to completion.. my stop is at 16300 which is probably too tight.. it should be about 10 pips above this but I am not prepared to put more money towards a bad trade.

The other bad trading habit is not being patient when awaiting an entry… I have come home from work and want a gamble… this is the road to ruin. I don’t think the trade is giong to work out today (however, you never know with the markets). I will take the hit on the chin and learn from my mistake… loss of money is a good motivator…

Tags: bad trading, day trade, daytrading, forex, gbpusd, Spreadbetting, trading habits, trading loss, trading losses

I have had 8 winning trades in a row and I’m starting to get a little nervous. Generally I know that I am about 60% correct so a loss is due at some stage…. each time I am trading I am aware of this and this makes me a little nervous. Anyway, I went long the GBPJPY at 14581 when it breached the downward trend (as indicated in the chart below). My stop was at 14545 and my first target was 14620.

The market shot up and I got nervous… it shot up too quickly and with a surge like this, I expect some sort of pullback. It went beyond my target and I clicked to sell and got out at 14634 for 53 pips! Excellent! I think the market can go higher from here…  14650 and if it can get above this, no reason why it can’t get to the recent high 14695. I’m happy with my profit for now.. it’s a compromise between some trading anxiety and profit!

Now I have 9 winning trades in a row and am going to get more nervous as a loss trade is around the corner…

Tags: currency trading, foreign exchange, forex, gbpjpy, trading loss, trading losses, trading nervous, trading wins

Today was another disastrous day trading.. I have been trading on/off for over a year on this blog and I still am miles away from being successful. My stint with the trading academy showed signs of success before they terminated my contract (illegally… it’s going through solicitors currently) and recent courses have proved to be fruitful.

I know trading takes a long time to learn and although this blog has been running for over a year, I have actually been trying to trade for much longer than this. It seems that the same mistakes are made over and over again for me and that I never learn a lesson. The problem with trading is that there is no clearcut right or wrong… a winning trade doesn’t necessarily mean it was a good trade or vice versa… a good trade should be a trade which follows your trading plan and this needs to be developed. A trading plan is one which suits your personality and style of trading and then it must work.. however, the learning process is long and the directional path to success in trading is not a straight one but one with many misleading dead end paths.

Anyway, I am as persistent as they come but is there a point where you should say… “enough is enough? I am not cut out for this stuff”…  trading has been the hardest endeavour of my life so far and I can’t even see the light at the end of it.

Anyway, here are my trading entries today…

I bought when I should have sold and sold when I should have bought….. arrrgh! I am -40 for the day. Oh, I just made another trade.. long which then went south for another -20 (which is not on the chart) for -60.

Tags: daytrade, daytrading, dow, dow jones, long, make me money, make money, makemesomemoney, short, shorting, spreadbet, Spreadbetting, trading losses, trading psychology