After the “kinda frustrated..” day, I am having a “kinda happy” day. I have finally achieved my 100-pips day. In fact, I am up 200 pips today.
It is time for me to get my MP3 player, it was the reward I set for myself when I achieve a 100 pips day.(still IPod or Creative Zen?..)
A hit or miss game
I was surprised by the sell off of GBP crosses. I mean, I was surprised by the speed of sell off. I woke up in the morning with full of confidence to short GBP/JPY, and of course, my darling GBP/USD. I was trying to Long EUR/JPY as well. There were some buying during Sydney hours , but tone changed when Japanese was greeting Ohiyo(Good morning in Japanese, in case you are confused) to the Forex market.
I found myself exiting position prematurely yesterday due to some fears in me. I knew it was a mistake and a problem. Today I decided to close my trading screen after putting in profit target and stop loss orders. Long EUR/JPY was stopped out, and I went short at the same time.
Market was in selling mood, so all short positions were covered by take profit orders.
More works need to be done.
I am not sure if I can close the week with positive note, but I am pretty comfortable now, I have figured out a lot of problems and refining my trading plan along the way. It takes tons of effort to study and refining strategy. It is really a different game to me. What works for me in futures market , hurts me in Forex market. Anyways, I am enjoying the learning process, and of course, the pips.
May the pips be with you.
Oh I forgot to mention ” The real man trades Futures, his son trades Forex, I am trading both, for my wife” 🙂
apples and pips?
Hi G. I know a lot of people do it, but I can’t see the value of having a target to aim for in terms of pips. A pip on EUR/USD is surely different to a pip on AUD/USD or cable. Also, the amount staked may differ each time. Am I missing something?
apples and pips?
Hi G. I know a lot of people do it, but I can’t see the value of having a target to aim for in terms of pips. A pip on EUR/USD is surely different to a pip on AUD/USD or cable. Also, the amount staked may differ each time. Am I missing something?
Hi Caravaggio,
You are right. And I agree with you there is no value of setting a Pips target. In fact, my weekly goal/target is determined by growth rate(percentage) of my overall trading equity. Now, I am trying to be positive every week.
Aiming for 100 pips day was just an excuse for myself to buy a MP3 player, you know, I feel better to spend with excuses….:)
Hi Caravaggio,
You are right. And I agree with you there is no value of setting a Pips target. In fact, my weekly goal/target is determined by growth rate(percentage) of my overall trading equity. Now, I am trying to be positive every week.
Aiming for 100 pips day was just an excuse for myself to buy a MP3 player, you know, I feel better to spend with excuses….:)
I hear you man.
; )
I’m also rewarding myself this week, for the first time. I’m setting my rewards according to how well I adhere to my behavioural road-map, whether or not this produces a profit.
I hear you man.
; )
I’m also rewarding myself this week, for the first time. I’m setting my rewards according to how well I adhere to my behavioural road-map, whether or not this produces a profit.