Tuesday, October 11, 2011

Aaaarrgggh....Painful Emotional Trading

I really am in pain!

Today I am sitting out on a few trades. Actually I am putting myself on a strict regime of 1 trade per day. Yup, too much trading will make your trading account blow up!

Last week was a roller-coaster insane week for me.
And yesterday I took a quick $AUDUSD. I found that I was antsy after a 5pip gain. Yeah, my usual is about 10pip before I get ants-in-my-pants syndrome. Well, I took it out after 3pips - I knew I was in trouble emotionally when the 5pip reversal was started to get on my nerves.

Anyways, this morning I found that I had missed a few entry points, and a nice one just before I turned on the computer. So did anyone else there take it? It would have been nice to have entered a $AUDUSD SELL  at 9945 with a Stop Loss 20 pips and Take Profit at 40 pips. As I type it actually did make it all the way back to the SMA800.
Yes...I am now chewing my fingers to the bone! That stochastics cross didn't happen.

$AUDUSD 5M Counter-Trend

Same thing happened here at $EURUSD 5M, I saw the big 20 pip candle, and it took all resolve not to jump in and take out a few pips. Honest to goodness I had my guns off their safety and I was ready to pull the trigger. The only thing that stopped me was the Diet! It was saying....THIS IS YOUR ONE TRADE for the DAY!!!!....there's still US and London session still to go......


$EURUSD 5M Counter-Trend
Here's the trade when I was looking at it. As I write, $EURUSD is stalled at 3595. Even a slow late entry at 3614 where the small doji was made would have given a nice 25 pip move to 3595. Bossilator reading was at 590 - good enough to take a trade on $EURUSD.

Double Aaaaarrgh with all the a's an g's I can muster!