Thursday, May 14, 2009

GBP AUD-06:28ET.

Not a bad trade. One area for improvement is agility- being able to scratch/take less than the target with a view to getting back in for the "real" move. This needs absolute objectivity...the two polar forces of fear and greed need to be kept in check.

I've learnt that a good trade (for me) is never succumbing to feelings of hope, regret or the aforementioned emotions. I call that being at the mercy of the market which is basically being at the mercy of yourself. I allowed this during part of the trade where the market made it's first attempt at the stronger move that was likely to follow. It ran out of momentum and I refused to exit and reposition myself at my original entry knowing full well that it could take out my stop and had to hope for those few seconds. After that, I took control of the situation again and exited at my target zone.

A combination of spread and less than optimal entry meant I gained less than I should have on this move.

21 pips gain with a 20 pip stop

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