Thursday, September 14, 2006

CHF Trades -196

I am heading towards a first negative week since the start of August. I might have overtraded this week, but most importantly I didn't take my losses accordingly. Moreover, I kept adding to a loser position. The loser trade was shorting the $/CHF 4 times. The results were as bad as it could be: +20, followed by -122 (I usually use a mental stop of 60 pips), -62 (a revenge trade that went horribly wrong), and -32. This put me at a total of -196 on the swissy trade. If I did everything right and kept my discipline, it should be just a loss of -74 pips - a magnitude which is acceptable based on my trading style. I must remind myself not to be afraid running into a brick wall once in a while. I know that I have the ability to earn it right back in the next round of trades.

I made some progress with yesterday's positions. 3 out of 4 are good ones.
Closed long GBP/USD at 1.8808 for +49 pips
I took my profit very early (due to my daytrading style) and didn't manage to reenter another position. I should be trying the multi-lot exit strategy which could be fairly effective in capturing larger moves (as proven today by trader rich - good job, rich!). I still need some time to think it thru on how it could best fit into my trading style.

Closed short USD/CAD at 1.1134 for +48 pips
Greed nearly took over me. I lowered the take profit level to 1.1095 and prepared to ride it through. Luckily I was out before it made a u-turn at 1.1120 ( 1.1120 was a target I set out yesterday).

Exit short USD/CHF at 1.2516 for -32 pips
Nothing much to say about this trade. Fear did play a part in this hectic week.

Short USD/JPY at 117.68 - still working
This trade is doing ok right now, managed to survive earlier as it came within a striking distance (maybe 1-2 pips) to the tight stop level that I use. Probably, will move the level to breakeven and hopefully let it run towards my target.

P/L for this week so far: -128

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