Hey all,

No real purpose of this post other than to get some thoughts out of my head to make room for new ideas (there is limited room in there trust me) and check in with you all. Looks like my theory article on some fundamental indicators came just in the nick of time with some positive US data strengthening the dollar after it getting blindsided the day before. For those online in the chatroom with me late european session, I hope you all caught the live call on the EUR and GBP, which netted us a tidy 101 pips (or more with a more accurate exit), nothing to be sneezed at (unless you have a cold .. then there is plenty to be sneezed at .... because ... yeh ... anyway).

Now I am seeing the odd comment in the chatrooms lately along the lines of "you always get it right", or "can you teach me how to be like you" and "oh you are so good looking" ............ ok maybe Im pushing it with the last one ;) .... now as great as those comments are for my ego ;), let's not get carried away here :) I have, granted had some success since going live, and since starting this blog up, but boy I make some mistakes at times, and have been lucky more than anything in getting out of some tight situations in the past. So for clarity, here are my perceived weaknesses so far:

• Still have the odd tendancy to move a stop loss back and forth between break even and the original level (but never more which is something I guess)
• Still feel the sense of frustration at missed opportunities
• If rushed, tired or angry can trade like an absolute beginner, so be sure to check my mood before taking a live call ;)
• Can at times, forget my policy of not closing a trade manually, but instead moving my stop loss to the target
• Occasionally forget to sleep
• Occasionally forget to eat
• Still need to work on my exit strategy, while much improved with ADX use and support levels, looking at smaller multiple lots may be something worth considering
• Have the occasional brain explosion and don't trade my system and instead just "wing it" (although not too often these days thankfully)
• Spend way too much time in the chat rooms rather than working ;)
• Spend way too much time updating this blog rather than eating, sleeping and working

... remember, the market can take away just as quickly as it can give ...

Everyone has weaknesses, and if you caught the strong moves yesterday and the day before, it would be easy to forget that trading the fx markets is actually not an easy thing to do. Sure you may be rolling in the pips now, but what if you were on the other side of the market on the last two days? ... and I don't even want to think about if you didn't have a stop loss!

So remember, the market can take away just as quickly as it can give, always give yourself a reality check now and then to make sure your head is screwed on right, and if something is working, stick to it :)

Now as there is no real theme to this post, Ill just add some colour with another picture of my early morning alarm clock, Lachlan .. aint he cute!

Happy trading!

This entry was posted on Wednesday, November 30, 2005 at 11:50:00 AM. You can skip to the end and leave a response.