Wednesday, May 20, 2009

(Mis) adventure with the Yen


Read Full Post.....

long 6JM9@0.010460, exited @0.010477

I changed my stop to 0.010405, and held the Yen overnight, and basically waited until the trade was profitable before exiting.

Despite this being a profitable trade, there were oh so many things that went wrong with how I managed the trade:
a) I didn't sell when it dropped below .010443, ie. I moved my original stop lower.
b) I didn't use bracket Trader
c) I got into a "hunkering down" mentality which prevented me from being objective about EURJPY, which meant I incorrectly passed up trading opportunities, esp. on the EUR side of things

Even though I was confident that the Yen was in an uptrend, I still should have taken the small loss and wait for the better entry. This shows that I still have trouble taking the punches from time to time, and must continue to work on that aspect of my trading if I am to deliver consistent results

No comments: