My views on future trades, past trades, the market and lessons learnt

Thursday, March 22, 2007

Thur UK retail Sales

Only UK retail on the plate tonight after the huge run up recently and all the flags GBP was overbought so was going to take either way at 2:15 got a german headfake and had to hold into retail sales which stopped it (-30) because muse stuffed up I stayed in this position and about 1pm I managed to get out on a spike down during news for 20.

Got into a GBPJPY with chris that got to 30 pips and sat on support and I didn't take profits then it retraced to BE and I dont close cause resistance was a few pips above I waited for that and took a 10 pip loss. Stupid at 30 pips needed to get out that was the trade. Remember 20-30 pips doesn't matter whose trade it is. Just take the pips off. Hindsight - it was a major trendline up and you listened to chris do your own research next time.

Retail was 0.8+ and muse didnt click my entry so I didnt get out of my short! Held to the top of the spike and then it did come back down to the stop level and I didn't get out.

Also got a Long after retail it retraced but then came back gave 10 then eventually sold off (-30)

Might take the rest of the week off, have to test the muse also see how it works etc.

Also first daying using the ADD Joe system and took a loss and wiped out half my account because I set the leverage wrong and some other rules

1. Trade from 60% now
2. Change the margin before each trade
3. Check after a loss how many lots to go back to
4. Make sure you use a STOP set during entry max 30 pips+spread
5. Change PIP profit after every trade



0 Comments:

Post a Comment

<< Home