I had a great week this week, until Friday. I had hit my 100 units target a day, indeed exceeded it over Mon to Thursday and in that time I had really only exposed myself to any inappropriate risk once and fortune (rather than wisdom) dug me out of that.
Then on Friday I tried to play the Euro against the USD and the JPY with the big news released against both the Euro and the JPY being part of my strategy. In doing so I moved SL to wait for the market to do what I expected....however I ended up having to take large losses to protect my meager account. I compounded my mistake by then chasing a reversal only to see all my profits of the week wiped out by the close of trading.
Very dissapointed.
Over the whole week, bar 2 occassions I was very happy with my entry positions, and if anything, I have learned the unforgiving nature of the Forex. With a small account the temptation to slip a stop loss to protect profits is great, the cost of doing so is also nearly always great.
So I need to improve my exit strategy, both in profitable and negative scenario's. This week looks like being a very difficult week to pick with the majors all playing off contradictory news (see my weekly plan).
To that end I intend to stay out of the market on Monday until it confirms trends.
I was pretty annoyed at myself for blowing 4 days hard work with 1 days bazzokery !!
Till next time, pip pip
I have been looking around for another way to make some money. I'm not confident with the housing market in NSW, shares are all over the place.....so something that has liquidity and continuity. Now gambling is immoral and for idiots right...so I'm going to try the Foreign Exchange Market and document my progress here.
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