All in the chart but quickly...
1. Wanted to try trading levels with disregard of the trend. (won't be doing again!)
2. Trading before Data, despite low vol would have worked had I been with trend.
3. Averaging down on a trade, just felt like having a go (doubled the loss, ha!)
Tomorrow will get back to trend trading off levels and taking reversals (from a level) when trend fails.
PM UPDATE: read this in Naked Forex: "Profits do not come from the trading system. Profits come from traders. Traders find profits in the markets, and the tool (trading system) used to extract these profits is not as essential as the trader's execution. The fatal mistake that most traders make is to assume that trading systems are responsible for profits"
I couldn't agree more with these words. I don't believe a candle setup has anything to do with profitability (buying a hammer at R?!). IMO all that matters is the accuracy of ones read. Today mine was awful and their was someone on the other side of everything I was doing. I don't feel any need to commend their trades but I certainly commend the effort they put into figuring the direction.
1. Wanted to try trading levels with disregard of the trend. (won't be doing again!)
2. Trading before Data, despite low vol would have worked had I been with trend.
3. Averaging down on a trade, just felt like having a go (doubled the loss, ha!)
Tomorrow will get back to trend trading off levels and taking reversals (from a level) when trend fails.
PM UPDATE: read this in Naked Forex: "Profits do not come from the trading system. Profits come from traders. Traders find profits in the markets, and the tool (trading system) used to extract these profits is not as essential as the trader's execution. The fatal mistake that most traders make is to assume that trading systems are responsible for profits"
I couldn't agree more with these words. I don't believe a candle setup has anything to do with profitability (buying a hammer at R?!). IMO all that matters is the accuracy of ones read. Today mine was awful and their was someone on the other side of everything I was doing. I don't feel any need to commend their trades but I certainly commend the effort they put into figuring the direction.
UJ Trades:
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