Today was another quiet session, especially the London session, but this is just the peace before the storm as the NFP is coming tomorrow!!! Hopefully I’ll have a good trade before the weekend, or a bad trade with a sad weekend lol
The global sentiment has picking up a bit and we see our previous commodity trades all going lower against YEN, the thing is that you just never know how the market is going to react to certain events. Honestly I felt that people have already forgotten everything about Brexit beside Britain people.
Our current trade AUD/JPY and EUR/USD is still in, but because of the change of sentiment, I have moved the SL of AUD/JPY closed to 76.50. We have a double top in hourly chart around 76.25, so honestly if that holds, then i’m fine, if that doesn’t hold, then i might as well get out with less loss.
Here is really the core element of trading, you can only control what you know and what you can.
So many people get into this market with a hope to discover their holy grail systems, and just look around you to see how many people are selling their systems, signals, EA….etc
But yet, majority of traders still lose money within 1-3 years.
Nowadays I never get any impression from traders’ profits anymore, I’ll be impressed if I meet traders who are consistently making profit year by year, no matter how large or small, that is a winning trader.
So anyway, we’re still hold our 2 trades and although i have a USD trade, but my stoploss is almost 300 pips away, so i’m not worrying about the NFP. Honestly my bias is still favour in USD no matter what the data says, if we look at things globally, what other countries do yo have faith to bet on? It is still the old Uncle Sam.
We have a scraping trade today in GBP/USD and another mistake in NZD/USD
Again, like i mentioned last time, if you can eliminate the human mistake of a trader, then you’re on your way to become a winning trader.
Honestly, I did have better excuse for this mistake, i was prepared fully, but the thing is most data if you have large numbers, that means positive, and small numbers mean negative.
Such as CPI, Non-Farm payroll, Trade balance etc
So we always get used to see large number and react quickly to positive direction in our mind.
But then, sometimes you have datas such as today’s initial jobless claim.
Then of course, the more people claim unemployment, the less attractive the whole economy is for that country.
So at this instance, the larger the number, the more negative it is - and this is where i always made mistake!
I accidentally got in the wrong pair in NZD/USD and immediately get out, then got in GPB/USD
it went down 20 pips but not good enough as the data was positively surprise, however, after almost an hour before Wall Street opens, we decided to just get out at BE.
The reason is because i’m really clueless to the intraday movement of GBP/USD nowadays, the range are just so large, and I just don’t know what kind of events will drive this pair further downside or give it enough retracement.
On top of that, the whole sentiment is turning positive as equity markets were all doing well.
So we decided to get out for safety.
and hours later, it actually went down to our target.
Honestly, no matter how long I’ve been in this market, everytime I still felt a bit frustrated when things like this happened.
And that’s why it’s so important to have a trading journal, because you want to know exactly the reason s you get in and get out - so no matter what happened after, if you have followed you plan, take proper risk, manage the trade logically, then it is a good trade regardless of the result
And this is perhaps the hardest part of trading.
Yes it always comes back to the trading psychology!
ok hope we’ll have more action tomorrow.