Posts Tagged ‘ scalping ’

The Grind

Oh how fickle the markets can be! Wednesday was a very quiet day trading wise with one GBPUSD trade in the morning that went to +18 before reversing and losing and then pretty much nothing until the afternoon. I entered an EURUSD trade and set my SL and TP as I would be away from the computer until this morning. An eager peek at the market this morning reveals it missed  TP by 2 sodding pips and got to +48 before meandering back up. It seems rather twisted that it was only yesterday I was talking about moving stops etc and as I thought it would be prudent to ensure no pips were lost, I moved mine to breakeven. Within 10 minutes I’ve been stopped out at breakeven and shortly after, EURUSD has continued its decline and reached the scalp finally! It’s all well and good viewing with hindsight but if I’d of arrived 10 minutes later I’d be laughing but currently I’m perplexed.

The trading God’s nearly played another evil trick on me this morning with GBPUSD which went to +25 before reversing (i’m saying reversing an awful lot lately!) and nearly clipping my stop at breakeven. However there was a respite and I managed to collect my scalp. TUFXP has turned the nasty screw also so I’m just waiting for a bit of love from the markets..

My Wife is doing some promotional work at the Abu Dhabi Golf Championship so I’m on babysitting duties for the next 4 days so trading may not get my full attention which may not be a bad thing. I can hear her now actually so I best dash.

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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..

Explosive end

Wow, wow, wow! What a finish to the year. Today has been exceptional and I’m all done for the year now. TUFXP has been in stunning form the last week or so and I totally didn’t do it justice yesterday. There were two EURJPY trades open and I entered late and adjusted my profit target by an extra 5 pips. What happens next? It passes the original scalp target and misses mine by 1.1 pips. I didn’t even have a chance to move my stop-loss to breakeven as I left the trades running after I’d finished for the day. So instead of a +50 result I was -50! A massive 100 pips difference. I broke my own rules of chasing the market and being greedy by going for extra pips and I should of stuck to my game plan. So a disappointing result yesterday but boy oh boy has it been put behind me today.

There was a false breakout on my strategy on GU but it quickly became apparent it was likely to break to the long side also. I decided to enter early and managed to turn a normal 30 pip win into a 60 pip win. The London open at 8:00 AM was superb and sent GU flying. I also had a TUFXP win using one of my strategies and it scalped easily. Some people are adverse to opening several positions in one direction but as long as sufficient money management is used, I will always follow my instincts and any potential trade that becomes available.

The guy who’ll be testing my e-book methods has been in touch and he’ll be blogging all results as of January as we both agree, it would be crazy and unprofessional to start any attempt at breakouts from next week onwards until the New Year. I’ll be back trading as of January 4th 2010. You can find out all about my e-book here and this is where all results will be recorded. There’s been much discussion on Forexfactory regarding how I was ‘harvesting’ for customers when in fact I never once made a pitch for sales or even mentioned I had an e-book. People are accusing me of selling something that is freely available when they haven’t even looked at the depth of it or the actual methods. It’s highly annoying but I’ll leave them to it and let the test results speak for themselves. I was planning on making an end of year post today but I think I’ll save that for over the weekend.

Once again, thanks for reading and Happy Christmas.