Back to the monitors after several busy days. I opened charts around 10pm, only to see the euro collapse that happened earlier today. I insisted to trade even at this obviously dead hour. The result was some consecutive losses and intense frustration.. A totally unacceptable behavior, given my experience.
On first trade, the two pillars of catastrophy were there : late entry and refusal to exit with a loss. Price went to -18 and I was just looking at the disaster, like a petrified newbie. Then price recovered to breakeven, trade not closed, and went south again, making a double top. I closed with a -6.8 loss, in extremis, just because the market was kind enough to give me a second chance..The pips came immediately after, when I got the correct direction...
"When i trade at home, I often watch the sparrows in my garden. When I feed them bread, they take just a little piece at a time and fly away.They keep on flying back and forth, taking small bits of bread. You will never be able to shoot a sparrow, it is just too fast. That is the way I day trade". M. Weinstein.
"Μηδείς αγεωμέτρητος εισίτω μοι την θύραν". Plato
"Toute lucidité est la conscience d'une perte". E. Cioran
There is nothing to sell on this blog. No signals, no "systems" for sale. Just my trading plan and the recording of my trades on eur/usd and the fx euro future recently. And the books, the music, the films I like.
The Forexbird is a professional currency trader. He is also photographer and engineer, a maths and music addict and curious about everything.
Not much, on a quiet, boring Monday(till now). Even the crude oil is quiet today!..
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The author is not liable for any loss or damage which may arise directly or indirectly from the content of this website.