Losing Streak Dooms November Trade Results
December 2, 2007 by Trader Rich
After an almost six month hiatus from day to day trading, I got back into trading forex at the end of October. Since then, I've tried to follow the economic news more consistently, tried to post more regularly to this blog, and tried to get back into the flow with between 1-3 currency pairs. Though I've "tried", I'm not quite where I want to be and never quite sure I ever have been. This may just be the best that I can do considering I have a full-time job and other responsibilities (similar to a lot of you.) One thing that I think I can do to improve my trading is to get in the flow with the market during the European/US session overlap. As of yet I haven't been able to but I think all this requires is changing up my schedule a bit so that I'm in front of my computer at around 7 am EST.
November could have been an up month for me had I not lost my last four trades. Losing streaks are all part of trading though, so I don't feel too bad that I'm down 2%.
What did I do wrong in November? I jumped the gun on a couple of trades this month before my systems showed buy/sell signals. This wasn't due to impatience but more because I felt my signals would generate while I was sleeping. I lost a couple of trades because of this and will try not to make this mistake again.
What did I do right in November? I feel like my position sizing strategy controlled my risk very efficiently. There would have been another time in my trading career when I'd be down a lot more than 2% when being down 290 pips during a particular month.
I'm not going to change much going into December because I think I have a good base to build on.
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