Today was an extremely quiet market with lots of action in NY sessions, but first, i was so busy…fixing my computer!!!
I had problems since London session with my trading server, and spent 2 hours to cha with support, fixed here and there, and finally had to reinstall everything!
The good part is that now everything is running smooth.
Back then, i never understood the importance of equipments, everyday I was just so nervous and impatient to trade - because the fear of missing the action!
So every time when things went wrong, such as losing internet, power outage, or simply my dog was barking…all got me really mad.
Slowly, i realized that trading is just like any other business, you're always going to have problems and issues during the operation of your business, the key is always patiently solve the problems and learn from your mistakes.
So although i spent hours to fix my equipments, i was completely calm, listened to my audio book at the same time and just slowly fixed up my computer.
And guess what? I didn’t miss any trades anyway. But that’s why i always have more than 1 computer in case for emergency.
The key is to always prepare for the unprepared, and the more you fail, the more you learn.
We had few ideas to trade today but none of them really worked out.
We place a AUD/NZD short because of the NZD bullish sentiment as RBNZ overly stated their concern for housing bubbles, which signals their stance on the next interest rate decision, which they probably going to hold - and if so, NZD will be very attractive to buy for traders and investors as the high interest rate currency.
AUD on the other hand was suffering the political event, China reduced its exchange rate, S&P downgraded and the high possibility of further cut for their interest rate.
And on top of that, these 2 currencies are both risk on currency so should the risk sentiment shifts, we’ll still be protected as they tend to move together.
Anyway, we were waiting for a pullback and did not get it as NZD continues to go higher.
Meanwhile, we’re still holding our AUD/JPY trade as we’re more bearish bias toward AUD and we also moved our EUR/USD trade to BE before the NFP event to protect us. (and we got stopped out at BE for EUR/USD later on after the NFP)
Then finally the big event NFP came out as large than expected, we jumped in with GBP/USD short, it went in our favour with almost 40 pips - but i did not take it nor did I move my SL to BE
Normally in scalping I’ll just grab 30 pips and wrap up, and now thinking about it, maybe that’s what i should have done.
But my view is that USD has such good datas, and although people are critical about the data being not good enough, however, USD is still a fundamentally strong currency especially versus the GBP
Moreover, it’s Friday and I highly doubt any traders will want to hold GBP over the weekend, it’s just so much uncertainty surrounding the GBP.
And that’s why i was expected it to drop further at least below 1.29.
But then I’m stuck for now, and will have to see what’s gonna happen in the next few hours before closing.
Anyway, the lesson is that there are always many different ways to trade, as long as you have enough reasons and conviction for you trade, then it’s perfectly fine to do whatever you like - you’ll learn more about yourself throughout your trading carer and there is really no right and wrong.
If I hold this trade today and lose, that will be 1% loss which is completely fine
If I get out with 1/3 of profit target and the trade keeps going, even though I make money, but that will be a losing trade because i’m creating a habit of second-guess my own analysis just because of the price action and emotions.
ok, i’ll update it during the weekend for my trade result.