I went long the USDCHF at 1.1370 thinking it would bounce up from it’s current consolidation zone. I had a stop at 1.1335 but the market didn’t feel right so I closed early for a 20 pip loss.

Tags: currency, currency trader, currency trading, forex, forex blog, usdchf

I don’t usually like to trade during the Xmas/New Year time as the markets are quite light on volume. However, it was my first day back today into work and it was sooo quiet! I have got into the habit of logging into the trading platform after work to have a look at the market.

I made a trade, long USDCHF at 1.0556 and got out at 1.0594 for a 38 pip profit with a 50 pip stoploss. Not really a good trade overall as my pip count should be at least equal to my anticipated stoploss to have any chance of long term success at this. Anyway, I will probably be more careful and trade in the New Year!

Tags: currency trade, daytrading, foreign exchange trade, forex, forex spreadbet, Forex trading, scalp trade, scalping, spreadbet, trading blog, usdchf

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.

Tags: forex, make me some money, stupid trading mistake, trading mistake, usdchf