I really do need to spend some more time working the charts.  I suffer from the same problem as many of you though.  Time.  I just don’t have it.  When I do have it, I tend to rush thinking that I have to make a trade to make the most of the time.  That is a dangerous mentality to have when trading.  I managed to get some time yesterday evening and I did manage to make a little bit of money.  My problem was what my problem always is when I am rusty.  Timing.  I got into the trade too early and then exited too early.  The reason I exited so quickly is because I was tired from being in the negative as a result of my bad entry.  Had I got in when I should have, I wouldn’t have felt beaten up and would have been able to stick this one out for about 10 pips.  Instead I walked away with just over 2 pips.  I know that isn’t bad but things setup well enough that I should have made this easy hunting.  This trade went against me almost immediately to the tune of 9 pips.  It almost hit my stop loss but it stayed on the nice side of things and came back down.  Oh well.  It was nice to shake off the rust and get back in the game.  I probably won’t have time to trade for the rest of the week unfortunately.  Like I mentioned before, I am still in exam mode in school.  From what I hear our 2nd semester is a little more practical and a little less academic so I am hoping that translates to more trading time!

Trade Summary:

Sell EUR/USD - 1.2926
Close Trade - 1.2924
Pips=2

Tags: day trade, Forex & Money, forex day trade, Forex trading strategy

This entry was posted on Tuesday, April 21st, 2009 at 2:35 pm and is filed under Forex & Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.