Here are yesterday's Russian roulette trades & why I did not tweet them

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As many of you are likely aware I TRY very hard to live tweet every single trade I take.

Yesterday I didn't tweet my trades and here's why..

In yesterday's morning session I lost 7 straight trades (and Monday wasn't too hot either). I was feeling pretty gloomy and didn't want to unnecessarily expose anyone else to the wrong headed risk I was taking.

Also I was embarrassed.. It has been quite awhile since this (loss of control) has happened to me.

There is a glaring weakness I have in trading.

After taking some losses on Monday and Tuesday's 0 - 7 start with sizable losses guess what? I was pissed.. And what do I do when I'm pissed? I go crazy with the "I'll show you bastards" mentality that can, should & does get people (accounts) killed quickly in forex trading.

Sometimes when I get red eared pissed off I just go nuts and leverage. I haven't done it in quite some time but yesterday, after the morning session, I found myself with up to 18 simultaneous open positions. (Representing close to 6 to 1 leverage).

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Please, if you are reading this, try never to trade like this.. More times than not it will get you hurt if not killed (figuratively, or literally by your spouse lol) It is better by far to walk away. Our goal should never be to be a lucky gambler..
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I got very lucky yesterday.. Those trades could have just as easily gone against me and, in fact, most of them were very close to hitting my stops before yesterday's "market turn around miracle".

It was nice, seemingly for once, to have used some leverage & have it go my way but.. it was gambling. Or even worse than gambling it was closer to Russian roulette.

Thank God there wasn't a round in the chamber..

Here are yesterday's 25 trades in the order they were closed

EUR/AUD 1 S 1.39531 1.40231 -70 10/4/2011 03:53 10/4/2011 10:01
EUR/AUD 1 S 1.39814 1.40336 -52.2 10/4/2011 08:12 10/4/2011 10:04
GBP/AUD 1 S 1.62979 1.63432 -45.3 10/4/2011 09:52 10/4/2011 10:05
EUR/AUD 1 S 1.39941 1.40431 -49 10/4/2011 08:28 10/4/2011 10:23
EUR/AUD 1 S 1.40182 1.40531 -34.9 10/4/2011 10:09 10/4/2011 10:24
EUR/AUD 1 S 1.40281 1.40632 -35.1 10/4/2011 10:14 10/4/2011 10:59
GBP/AUD 1 S 1.63017 1.63531 -51.4 10/4/2011 10:09 10/4/2011 11:01

-337.9

GBP/AUD 1 S 1.62920 1.62422 +49.8 10/4/2011 11:13 10/4/2011 15:46
EUR/AUD 1 S 1.40628 1.39828 +80 10/4/2011 11:11 10/4/2011 15:48
AUD/USD 1 B 0.94420 0.95131 +71.1 10/4/2011 10:34 10/4/2011 15:51
AUD/JPY 1 B 72.444 73.156 +71.2 10/4/2011 10:35 10/4/2011 15:53
AUD/USD 1 B 0.94426 0.95084 +65.8 10/4/2011 11:22 10/4/2011 15:54
GBP/AUD 1 S 1.62916 1.62172 +74.4 10/4/2011 11:14 10/4/2011 15:54
GBP/AUD 1 S 1.62998 1.62125 +87.3 10/4/2011 11:20 10/4/2011 15:54
GBP/AUD 1 S 1.63115 1.62138 +97.7 10/4/2011 11:26 10/4/2011 15:55
EUR/AUD 1 S 1.40730 1.39771 +95.9 10/4/2011 14:55 10/4/2011 15:57
EUR/CAD 1 S 1.41034 1.40524 +51 10/4/2011 10:59 10/4/2011 15:58
GBP/AUD 1 S 1.63335 1.61726 +160.9 10/4/2011 14:52 10/4/2011 16:00
EUR/CAD 1 S 1.40922 1.40570 +35.2 10/4/2011 11:01 10/4/2011 16:06
AUD/USD 1 B 0.94070 0.95648 +157.8 10/4/2011 14:55 10/4/2011 16:10
AUD/JPY 1 B 72.508 73.640 +113.2 10/4/2011 11:24 10/4/2011 16:12
GBP/USD 1 B 1.53755 1.54763 +100.8 10/4/2011 10:35 10/4/2011 16:13
USD/JPY 1 B 76.727 76.890 +16.3 10/3/2011 22:40 10/4/2011 16:13
EUR/CAD 1 S 1.40877 1.41003 -12.6 10/4/2011 11:15 10/4/2011 16:32
EUR/CAD 1 S 1.40959 1.41003 -4.4 10/4/2011 11:01 10/4/2011 16:32

+1,311.4

1,311.4
-337.9
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total +973.5

While those numbers may look good please realize that if there had been one more little spike above the highs / lows I was trading I could have JUST AS EASILY lost 1,000 pips.

The way I personally deal with taking this level of risk (which I really really TRY NOT to do) is to trade very small.

I have made my goal in forex trading not making money but rather making lots of pips..

Money is not pips but pips are money. You cannot make pips without also making money.

I force myself to trade very small size so that just in case I do something really stupid (which yesterday was) I can survive my own screw up with relative ease and minimal pain. My goal is to make a whole lot of pips. This allows me to stay in the game by not completely blowing up my account by making a few really bad trading decisions along the way.

Once I get "myself" completely under control, where I never again fall into the trap of trading by emotion, I can try something different.

Message? Deal with your demons.. They are not on your side..

Greg