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Thursday, July 14, 2011

Update: Trading quietly FX


Hello everyone.. I have grown quiet over the last couple of days as I attempt to trade this kooky market in earnest..

I had a good day what seems like ages ago but was actually about 3 days ago lol Did about +350 pips, largely on NZDUSD shorts, and was back to FX flat.

I came into the market with a short bias and short entry orders to back it up on Wednesday, that turned out not to be such a great decision. I STILL need to learn to be more patient and not think I KNOW what the market is going to do..

Over the last two days I have had a total of 16 positions / individual entries. 8 of these 16 have now been taken out on stops that were too wide on entries that were too early.

That resulted in an average loss of 91 pips per entry on the 8 closed positions.. Ouch but survivable at a cost of about 2% to my account and still have 8 positions open. Of course the gains from three days ago offset about half the losses also.

These open positions include

2 AUDUSD shorts avg sell = 1.0733

1 GBPAUD long entry = 1.4863

3 NZDUSD shorts avg sell = 0.8382

2 USDCAD long avg buy = 0.9577

Now you're all caught up so leave me alone.. I'm NERVOUS here!



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