well I’ve being doing pretty bad today but I managed to only loose 20 pips. This is what happened.
I sold AUDJPY and EURJPY and also GBPJPY at where ever and my AUDJPY got stoped out so did EURJPY since I only have 1k to play with so small stop losses for me. y GBPJPY was up 100 pips so I left it there and put a stop at a gain of 60 pips and when I came back it stoped out so I won about $20 since I lost about $40 on my AUD and EUR. But from yesterday I lost $40 so I lost $20 in total. 3 trades today suppose to go for a long term but since I didn’t have enough money none of em really held on tight. So thats how I went today. no to mention my USDJPY is up 360 pips so about 80pip gain from yesterday which really leaves me with a 60pip gain for today. too bad I didn’t get out of the market when GBPJPY was 100 pips up… there it is.
well today I decided to close the USDJPY even though I think it is still going to head downwards. this is because I have skool tomorrow and i dont really want forex to affect my studies… anyways see u next week gona stop for one week so… haha
Hi there, i was reading your posts and you mentioned that you sold the three JPY pairs at ‘whatever’, do you have fixed profit targets and stop losses when you enter each trade? Also, you’ve got tight stops because of your broker’s minimum trade size, i would advise getting a broker that allows you to trade the right position size relative to the size of your account. This allows your trades room to breathe. Don’t let your choice of broker dictate the way you trade.
The three positions you took are very highly correlated, so in essence your exposing yourself to three times the risk, i.e its likely that they will fall and rise together. Hence you could have three losing trades all in one go. Here’s a chart showing their correlation.
I like to trade support and resistance… not gona go deep since that’ll take ages. anyways the last two weeks of trading has being ok, with a 270pip gain(mainly from USDJPY) this week has being on the down side with a 40 pip loss. Gained 100pips from GBPJPY yesterday and lost 60pips from GBPUSD, the days before I lost something like 80pips so ye that leaves me with 1.3k in my account.
I trade comfortably… since I dont want to gain like $20 in a 40 pip gain trade or even only $2 in pip trade, I would rather gain $40 in a 40pip win and loose $30 in a 30pip loss. but ur right I do need to get a smaller account because I can’t really afford to risk 200+ pips, and thats what is needed for my pairs(especially GBPJPY) so ye I’ll take that in mind. and ye I got stops and limits… except I update them everyday… when I trade… I think I need to take the week off since I am loosing this week so ye thanks for ur idea and yes I like to trade the yen and yes I like them linked so I can see what each one is doing.
ok this week has being really doggy since I said I wasn’t going to trade but I just couldn’t resist trading.
SO here is how it all went.
lost all my profits… by blind trading… dont know why but every time I make a small profit I always want to just give them away. Somehow thats just the way I am?
anyways I’m back at trading resistance and support and that costed me about 100pips in one day… 3 trades executed… well… anyways I am making my stop loss at 50pips now because GBPJPY needs a lot more room than just 30pips so ye thats what I’m going to do. As I type I sold CAD and ye I expect it to fall giving it 50pips room. anyways lost 20pips in these two weeks.
BLIND TRADING COST YOU. ALWAYS HAVE A TRADING PLAN!!
ye I know that my paires are correlated and yes I know about the risk but I like trading them and I didn’t loose my money on those pairs btw I lost my money cause I was bored and started just trying to trade 1min charts and then switch and so on I dont really remember what I did… but ye dont blind trade. always have a trading plan… the basics…
