Good day all, each day that goes the market teaches you a new lesson, the key is to take it in. Today's results funnily enough look terrible in numbers, yet I felt like I was making some good judgement calls. As you can see, two thirds of my trades were winning ones, yet I finished in red. Why is this so?


Two things, firstly, the first losing trade on the bottom of the list was a trade based purely on a tip from someone in the chat room. That broke my golden rule number one, don't trade on other's advice, make your own judgement. Marketiva is unique in that there is a chat room where you can have every man and his dog throwing ideas around and giving recommendations. This is fantastic to gather information or see things you haven't thought about, but you really should be looking at the market conditions yourself before placing a trade.

If, as in this case, that trade turns sour, there is no use blaming the person giving the tip, blaming the market or blaming Australia's loss in the cricket, you really should blame yourself for placing a trade without even knowing what the reason's for it is.

The other thing to come from today is the fact that with 4 winning trades, and 2 losing trades, I have obviously not got my risk/rewards ratio in order. Still I stay positive and look forward to tomorrow's trading day.

Today's result: -37 pips | Overall: -126 pips

This entry was posted on Friday, September 16, 2005 at 10:17:00 AM. You can skip to the end and leave a response.