Fantastic week, discipline and gumby's…

This week is fast becoming incredible and I’m feeling on top of the world. These purple patches seem to occur once a month without fail lately and it’s always a timely added boost to the monthly gains. I’ve had two trades this week go to -24 pips, 1 away from my SL before slowly making the climb back up and hitting my scalp target. These types of trades make for hard viewing but keeping the discipline is equally as hard. I’ll talk a lot about discipline throughout this blog as I feel it’s priority number 1 when it comes to dealing with any form of trading, gambling, car racing etc.

You can have all in the talent in the world but without discipline you’ll never get anywhere. Keeping your cool when things get bumpy is extremely important and I try and help others keep their discipline and focus in the daily trading room I use. We are all mostly beginners at various stages of our trading careers and we all have our weaknesses. The main benefit of a trading room is the ability to share ideas and help each other work on various weaknesses/strengths. It is also a massive help when it comes to breaking up the boredom of a trading day, there are many dull hrs and being able to have a chat really helps.

The US GDP q/q release was always going to be an interesting event, I personally thought the forecast of 3.2% was high but as I hedge the news, I am personally not too fussed as to whether it’s over or under. It turned out to be higher than expected and caused a massive upswing on EURJPY. I ended up exiting even a little too early but whenever I can take home 65 pips, it’s a welcome bonus! Speaking of news, the NZD release late last night wasn’t a firecracker but I did manage to gain 15 pips on the short. I await my rematch with it next time out, we still have unfinished business.

There’s an interesting thread on FF here and I have to say I’m amazed by the rudeness of some people. I guess there is no helping some people. Any community should be a friendly one and rude, arrogant members really need to wind their necks in. Nobody can argue with the that fact pips are not the be all and end all of trading, they simply tell part of the story. Anyway, I’m not going to let a few gumby’s get in my way. Onwards and upwards..

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

  1. Excellent post, specially about the discipline needed in forex, has helped to keep me on the straight and narrow. Also agree a trading room is great, where you can get inspiration from others. Keep up the good work.

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: