I was posting on the community, however thought this might be the better platform to review my trading style and thoughts.
Why the topic, loose lip cost pips, well in my belief you can’t trade purely technical in FX, you have to take in the fundamentals and the sentiment surrounding a trade.
Take my trading this week, and 2 currencies in particular the GBP and the AUD, where the GBP was concerned it appears all though it lost some ground against other currencies, if buy the rumour, sell the fact came into play it definitely had a role, take Friday took a trade GBP/NZD short, all the signals I needed to take a trade were there.
Britain was definitely going to break away from the talks, the trade bounced erratically and went from a positive position initially, to rebounding 80 pips, sell the fact, the rumour by the evening Britain was going to leave the door ajar for some leeway to re-enter the talks buy the rumour.
With the Aud which was much more positive for me took 3 trades prior to the unemployment announcements, traded these for the end of day so went into the Asian markets, the announcement wasn’t too bad for the unemployment, loose lips well one comment sent the AUD tumbling.
GBP burnt me this week and cost me.
Not a disastrous week, a couple of goods trades next week and back on track.
Ended the week 215 pips down
Best Trade EUR/AUD
Worst Trade GBP/AUD
Hit Rate 68%
Account Change 0.89% down
Live trade:USD/CAD long
May all your trades be good ones.