Ding dong

Well Tuesday was an absolutely biblical battle! At one point I was down 13% and then the recovery kicked in and by the end play I was even stevens for the day. GBPUSD yet again messed me around in the morning with two losing TUFXP trades and as what seems to be the norm for January, the late afternoon provided the fireworks that got me back on track! Perhaps TUFXP doesn’t like being stoked up in the morning? Whatever the case it did perform a nice recovery on EURJPY and GBPUSD.

I’ve been busy doing some reading on trading psychology and the effects it can have on you. With TUFXP, when a trade reaches 90% of its target I usually like to move the stop to breakeven to stop any disaster reverses in price. Lately however, trades have peaked at 90% before going deep into loss before climbing out of the hole and scooting back up to full scalp. If I’d had my stop at breakeven I’d be missing out on 10%. It happened last week with the news, I got stopped out before it zoomed up. Anyway, the point I’m trying to get at is this; turning a winning trade into a losing trade can have greater impact psychologically than you might think. If you’re trading a strategy, do some serious research on results and see whether actually moving your stop is beneficial or hindering you.

I’ve removed a couple of blogs due to one of them being stopped and the other being very slow to update and a boring read! So I’m on the hunt for some interesting blogs again…

I wonder if today will be any calmer? Time to find out..

    • Andy M, UK.
    • January 20th, 2010

    Nothing like a biblical battle to get you over your Monday blues !

  1. Haha, true! Monday was a strange one!

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