Crikey!

So I’m now half lying on the ground after the slaughter-house of GBPUSD this morning! I’ve been slapped around like a wet fish. I took a little look at the hourly chart and saw that 1.5940 area has proven the low for the last 24 hrs with two attempts to pass yesterday which all failed. Unfortunately I had 3, yes 3 entries all around that area. Two were TUFXP and one was my breakout method. Bang bang there goes 3 losers! The only small grace is I managed a 2% gain on another strategy that’s detailed in the e-book. It was only yesterday that I was talking about keeping your cool and learning to accept the losses. There is still plenty of time left in the trading day and with the BoE rate decision later, that might offer some opportunities to make back some losses.

As a trader develops, they create and learn their own style and I realise more and more what I believe in and what I look for in certain elements. I think the only true way for a trader to do this is pure and simple screen time. There really is no substitute for it and whilst not everyone can have the luxury of spending their day watching the charts, I do believe it makes for a better trader in the long-term. Hindsight is a beautiful thing but perhaps I should have delayed my entry and waited to see how G/U reacted to that important support level. Of course, the flip side to that argument is I could have waited and the price could have barrelled down and I’d have been sat looking at three winning trades! Anyway, no point dwelling on the past.

I’ve scoured the blogging world for decent reads and found a couple, I always enjoy a bit of light reading when the markets are super quiet and some are very entertaining and informative.

Hopefully I can report back later with an improvement in proceedings, another cracking day with my e-book strategies and long may it continue!

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    • Andy M, UK.
    • January 7th, 2010

    Enjoying reading your blog.

    “slapped around like a wet fish” lol, I think we all know what that’s like !

    Personally I looked at the large movements at 6:45am UK time and decided to avoid my breakout trades today. GBPJPY went down 50 pips then up 116 pips all within an hour or so.

    Btw, might be a good idea to post up your other blog links now and again 😉

    • Hi Andy,

      I daren’t look at GBPJPY, that thing is a monster. Well done for staying out, looks like G/U is breaking down now though. Which blog links are those? Always happy to add some decent reading material!

      Thanks for reading.

  1. Hi.

    I haven´t tried your system, but i´ve been through most other strategies and EA´s available on the market for the last 6 months. It will be exciting to follow your progress with your system!

    Greetings from a fellow “Dubaitrader” 🙂

    • Hi,

      Nice to see another Dubai reader! Hope you’re enjoying some success.

    • Andy M, UK.
    • January 7th, 2010

    Doh – just seen the other blog links at the side. Ignore that comment !

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