5th May – The Good, the Bad & the Ugly

Fairly bad trading results today, and real ugly trading.  Thank God I am trading small.  Still, in units of R it is rather atrocious!  However the good thing is that I picked up myself up, noted some stuff and will keep on fighting the good fight.

In any case – what did I learn?

  • Being in an open position impacts my ability to see other opportunities in the market and clouds my judgement
  • Preparation and anticipation is key – anticipating potential scenarios and levels to possibly come into play, will make me more selective (and more confident) in specific trades.
  • At present I commence trading rather ill-prepared and tired.  Before I know it, I am in a couple of trades and my ability to trade at a high level is seriously impaired.
  • Again, having a balanced life is key – after my training I pushed out a 15.4km run, helped my nephew with his schooling and hung out with my girl-friend.  And tonight I shall watch my first ever MLB baseball game!  After the run and a full load of yummy pasta I was able to review the charts to see how exactly I inflicted the damage on my trading account – and actually learn something, and pick myself up ready to trade another day!
  • The less planning the more likely that my trading is influenced by the emotions of fear (coming out of positions to quickly) and greed (trying to hit home runs) and trying to make money by doubling into positions (twice I added EURUSD positions to GBPUSD positions).
  • On the plus side, trading like I have been, I will have soon wrapped up another batch of 100 K7 trades.

What will I do for the rest of the trading week (before heading back to London)?

  • Spend 7.30am-9.30am in preparation and study of the markets (EURUSD, GBPUSD, DAX and EURJPY)
  • Trade 9.30am-1pm
  • Review and document & psych review
  • Maintain R at £140 – review at the end of this week
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