Monday is always a quiet session, and I’m going to wrap up early to enjoy my day
My cable trade from last Friday finally worked out as market sentiment shifts to further downside for JPY and increased risk appetite.
I was very proud that although I wanted to close the trade so badly last Friday because i just hated carrying trades over the weekends, however, because my analysis was correct and I had enough conviction, i decided to hold my trade.
The patience paid off, the cable dropped and moreover, I was able to hold it until it reached the 50’ area, and it turned out to be the lowest of the day for now.
What a fantastic trade for me!!!
This is really where my joy of trading come from, from analysis, critical thinking, knowing where my risk and put on the bet, and manage the trades with risk and also my own psychology…etc
Unfortunately, my other trade AUD/JPY got stopped out, I was happy to only risk 0.25% last week as my analysis, and also moved my SL closer, however, I completely forgot i had this trade because of the low risk % and because i was focusing so much on my cable trade.
I could have gotten out prior London opening because i already known the JPY is going to depreciated against all other currencies.
So…I made another human error again….sigh...
As mentioned so many times in my previous posts, the more trading errors you can minimize, the more possibility you’re going to come out as a winner.
To win in the market is hard enough and you can never eliminate the risk in the market, however, you can always eliminate the risk in you.
I used to have an order board and for some reason, I didn’t do it last week because I broke my habit of never holding trades over weekend, and when you break your own habits, a lot of things will get messed up...
So anyway, i’m still happy for my win but frustrated for my careless error.
Hopefully I’ll be better next time!
Right now we only have 1 USD/JPY 0.3% risk in and we decided to play it in a long run as BOJ might introduced another stimulate package as soon as tomorrow, which i will be out to enjoy my day-off Monday. So let’s see what’s gonna happen.