Monday, January 9, 2012

9 January 2012 trades

Not a good day today. I began shorting the fiber at the start of the Asian / Sydney session, pocketed a handful of pips, then re-opened a second short which blew up in my face.

I then went long as price entered last week's demand zone and would've profited verrrrrry nicely if I had kept it open. But it was closed about 15 pips in. I missed out on a potential 50+ pips. Scalped a few more trades afterwards. Even though I won those, I'm not comfortable with my reasoning behind them. Most of the scalps were impulse decisions which I'm trying to steer clear of. I also accidently opened an order when I was trying to modify one, which cost me a few pips. This was due to the shoddy UI design of MetaTrader 4 where important menu options are close to each other.

Finally, another long was triggered as price hit the upper exit of last week's demand zone. Alas, this was also where daily R1 was located and price bounced off it like a tennis ball. My entry was exactly at the top of the price curve before it reversed, so it really hurt. I dediced to close my long when I was down 15 pips rather than wait for my 20 SL to get hit. So I guess my loss wasn't so bad. If price movement reverses strongly, close your trade early.

Lessons learnt:

- Avoid impulse trading
- Stick to pre-defined strategies
- Trade mechanically whenever possible

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