Here are my trades for Thursday, Jan 26th. Saw some nice downward momentum right before the London open. With what seemed like lower highs forming, I was looking to go short at the first sign of any weakness. First trade moved up, slowed down, consolidated and I took a break of the low. Went for me about a pip or so before going back and breaking out the top. I closed it before it could hit my full stop, -5 pips. Guess I will have to put that Lambo on hold.
Next trade, same setup. It rose again slowly, consolidated, and I took the break of it lower. Same thing, went for me about 2 pips, went sideways for 2 minutes and reversed back into the original consolidation. I was willing to let this one ride as I felt the upward momentum was done with. Wrong. Shot up quickly to meet my stop and then fell back down. It literally tapped my stop and went back down. If it wouldn’t have hit my stop and I help it through the next 20-30 minutes, I was in the big move I was looking for. You can see the right edge of the screen it ended up dropping about 35 pips there.
So right idea, wrong timing. And that is OK. It goes both ways in trading. Sometimes price will go against me, miss my stop by 1 pip and sharply reverse giving me my profit. Sometimes it goes up and stops me out. It’s the name of the game. Just because a baseball player hit a sharp line drive and Derek Jeter made a diving, once in a lifetime catch, doesn’t mean that I shouldn’t keep trying to hit line drives for doubles. Same story here.
I have to admit, the losses don’t sting as much as they used to. I’m looking forward to being as transparent as possible here because it really helps me out with my frustrations and ego.
Only bad thing is, I gotta wait longer now to live that rap video style life I had been hoping for. Guess trading 1 mini lot and not winning every single trade might take me a while to get there. That’s alright. Dolla bills and golden grills comin’ up.