Sep10 – FX update

Last trading session in the office before heading to Germany to trade from there.  I am hoping that the family atmosphere there will make me more relaxed and have a positive influence on my trading.  The 1-hour time difference will also help me to be ready at 6am GMT each morning.

Summary:  I am trading well in terms of behaving like a disciplined and patient trader and managing risk.  However, results are still running rather pear-shaped.

Yesterday’s trading resulted in further losses. I traded very well in terms of being stringent with setups.  I managed the positions by letting the positions run without a specific target, instead closing when a XO would occur in the direction opposite to my trades.  Short trades in NZDUSD and GBPUSD showed good profit at a point – +1.2R and +1.42R respectively – however the final result were a meager +0.15R on the Kiwi and an actual full 1R loss on Cable – I wasn’t able to monitor the trades effectively as I was not on my desk, thus missed the bullish XO on Cable.

The EURUSD trade opened on Monday – closed that on a bullish XO for a profit of 2.8R.  This has been the only profitable trade in 3 days of trading – even though I am being a lot stricter with my setups, and have increased the size of the stops to give the trades a bit more room to move.  The close of that trade was squeezed in the middle of 3 other trades on Tuesday morning, which lost a net of 2R.  

Thus for the week thus far I have 1 winner, 7 losers and 1 scratch, for a net loss of 3.3R.  Truly astonishing results. 

Today’s trading: At the start of the New York crossover, I went short AUDUSD and NZDUSD as well as the SPX.  Again, all good setups.  Let’s see how they pan out.


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