Exit EUR/USD at 1.3440 for breakeven
Exit EUR/JPY at 163.20 for +7 pips
US Session
After Durable Goods Report
Exit USD/CHF at 1.2271 for -20 pips (Stopped out!)
Frustrated! Many times I found myself in trouble by jumping into a trade without good technical confirmation. Impulsive trading error.
After US Home Sales Report:
Exit GBP/USD at 1.9855 for +28 pips
Also exit USD/JPY at 1.2160 for +19 pips
Session rating:
(value:+1); Accumulated so far: 4 stars
4 comments:
Hi, if you don't mind I'm interested in knowing what's your usual leverage in trades and which forex broker do you use?
Hi, I use UK spread betting firms which offer 3-pip spread on GBP/USD, 4-pip on USD/CAD & USD/CHF and 2-pip on USD/JPY. I risk about 3% on a single trade and sometimes more aggresively 5% on news trade. Hope this answers your questions.
You probably know that you can get better spreads at Oanda but maybe you just want to keep your money in UK, or is it some other advantage trading with them. What about safety of funds in spread betting firms is it the same like the other forex brokers or you have some more safety by your knowledge? You are really aggressive with 3% - 5% risk for my taste. But in the same time you are successful, so why not risk more and gain more. You could elaborate if you have anything to say about psychological aspect of your risk management. I'm sure that a lot of of folks would like to hear how do you manage losing and give us some advice.
Nice and honest blog, I really like it.
Most of the firms are authorised and regulated by FSA. Still, it is always a good practice to withdraw partial winnings into an income account when ahead.
It is always hard to deal with losses. Hence, some simple trading rules should certainly help and ensure us to stay on the right path to pursue the ultimate goal. I have summed up the following:
1. It is all about capital preservation. Each trading losses should not exceed 5% of the total capital.
2. Set stop loss level to miminise trading errors.
3. Do not let winners turn into losers.
4. Use stop loss to protect profits.
5. Do not add on losers for cost averaging.
6. Stay sway or cut your losses when you become indecisive.
7. Rather wait and see when the market trend is not clear.
8. Trade when the market is active.
9. Do not enter because you are bored, likewise, do not exit because you are impatient.
10. Do not overtrade.
11. Do not simply alter your trading strategies if not for a sound reason.
Hope it helps. Good trading all of you.
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