I exited gold at 1384 for a 29 point profit.
I'm in EURJPY from 114.36, one position targeting 115.30. The other to run.
I'm in GBPUSD from 1.5968. I was going to add to the position based on a 4 hr signal, but the signal doesn't look good now, so I won't scale in.
I am reading parts of 'Trading in the zone' (Mark Douglas) again. I was told to read this book before I started trading, which was good advice. I think it is also very worth re-reading it after a year of trading, it makes an awful lot of sense then.
I am slowly turning the corner, making less trading mistakes, evaluating myself constantly, and rectfying things I'm doing wrong. My worst error is putting on too big a position for the size of my account, but I also feel that when a good signal emerges, you have to capitalise to make up for losses accrued on lesser signals. Of course, the goal is to only take A+ trades, and patience is something I also have trouble with.
A couple of quotes come back to me. Someone on my thread once said 'you can only start making money when you are ready to make money' and I thought it was an obvious thing to say at the time, as I was ready to make money from day one, but now I understand that a lot of work is needed until you are ready to make money.
Also, 'if in doubt, stay out' is one that I try to remind myself of. Basically, you know without doubt when there is a very good signal and a high chance of success, and you have doubt when you are looking at second-rate signals, so doubt should be a filter.
I'm in EURJPY from 114.36, one position targeting 115.30. The other to run.
I'm in GBPUSD from 1.5968. I was going to add to the position based on a 4 hr signal, but the signal doesn't look good now, so I won't scale in.
I am reading parts of 'Trading in the zone' (Mark Douglas) again. I was told to read this book before I started trading, which was good advice. I think it is also very worth re-reading it after a year of trading, it makes an awful lot of sense then.
I am slowly turning the corner, making less trading mistakes, evaluating myself constantly, and rectfying things I'm doing wrong. My worst error is putting on too big a position for the size of my account, but I also feel that when a good signal emerges, you have to capitalise to make up for losses accrued on lesser signals. Of course, the goal is to only take A+ trades, and patience is something I also have trouble with.
A couple of quotes come back to me. Someone on my thread once said 'you can only start making money when you are ready to make money' and I thought it was an obvious thing to say at the time, as I was ready to make money from day one, but now I understand that a lot of work is needed until you are ready to make money.
Also, 'if in doubt, stay out' is one that I try to remind myself of. Basically, you know without doubt when there is a very good signal and a high chance of success, and you have doubt when you are looking at second-rate signals, so doubt should be a filter.
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