Busy Trading Day

December 28, 2006 by Trader Rich 

I've been pretty busy trading over the last 24 hours.  Here's a quick log:

  1. Lost 90 pips yesterday morning on an H-system trade that was a couple of pips short of a 90 pip gain.  I was sleeping and couldn't move my stops to breakeven.  No excuses here… this is just the way it goes. 
  2. 27 pip gain yesterday morning on discretionary GBP/USD 1 lot trade.
  3. Lost 42 pips on a Lien/Schlossberg trade that was very long and drawn out.  The stop was almost hit several times and seemed perfectly placed but it was eventually taken out.
  4. 40 pip gain on a discretionary GBP/USD European session trade this morning.
  5. 42 pip gain on the first 2 lots an H-system trade.
  6. 23 pip gain on the final lot of the H-system trade.

The profit/loss from all of these trades equals zero!  All of these trades were necessary though, even if it seems like I have nothing to show for it.  It's also quite satisfying to come back from the 90 pip loss yesterday morning. 

There is still 1 big problem that plagues my trading.  I continually close out my positions before they reach their target.  Let me go through the 6 trades above to show what it could have been if I just followed my rules.

  1. No change.
  2. Closed early, missed 33 pips.
  3. No change.
  4. Closed early, missed 20 pips.
  5. Closed early, missed 18 pips.
  6. No change.

So due to FEAR, I missed 71 pips.  Why can't I just stop doing it? I have to make a conscious effort to do so.  There will be times when closing it early would have been better but for the most part, it usually is far better sticking to the target. 

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