Wednesday, July 06, 2005

Wednesday

well, not having a good time of it today.

Ive made some serious mistakes in my trading today - been revenge trading a bit - my first trade this morning went tits up against me and i just let it roll to -25

my second trade went -20

then i was in revenge mode - 'gotta get this back' kinda thinking

i ended up 62 pips in the red before i slapped myself with a wet haddock.

I went out, had lunch and a few beers and came back - since then ive managed to claw back 32 pips on small trades. and im now long cable from 1.7550 so i might just break even for the day by the time i finish.

very foolish.

tell ya what tho - if you'd have said 'cable will be at 1.75 in 2 weeks' you'd have been laughed out of any chatroom on the planet. Just shows that you canna predict the market (although i bet somebody did and for once in their life got it right lol)

ill finish this post at the end of the day

5 comments:

duckfu said...

Happens to the best of us mate. I'm not sure if this is an advantage or a disadvantage, lets just call it an observation; when scalping/short-term trading, you _cannot_ allow your stops do drift against you. I put in a hard stop order on every single trade I enter. yes, sometimes I get spiked out, sometimes I get stopped it drops immediately after tapping my stop. However, 90% of the time, my stop gets hit because my expectation of the markets direction was incorrect. I just don't give myself the option of not following my stops. Take it for what its worth :)

quapouh said...

Duckfu,may i ask u one question? how tight are your stops when scalping/short term trading (ur a scalper,aren't you?) - for cable & eur including spread.

Soultrader said...

he uses 6 + spread mate - he's on oanda so 10 pips inclusive of spread :)

quapouh said...

Thanks Soul, 10 pips sounds reasonable for me trading euro (with oanda spread like 1.5 pips). However - for cable, as for me, it's not enough (4pips spread, higher volatility), my entries are obviousely not so precise like duckfu's...

spahiu said...

soul, u're and admin over at moneytec, can u tell me how to setup a private group(thread), password protected and all that?