My Forex Trades Today

December 13, 2005 by Trader Rich

I’ve closed my USD/JPY position at 118.68 for a 111 pip profit. I figured I’d post my other trades today which weren’t as successful:

2005-12-13	USD/JPY	1	s	119.89	120.11	-22	$-182.6
2005-12-13	USD/JPY	1	s	119.86	119.87	-1	$-8.3
2005-12-13	GBP/JPY	1	b	211.44	211.14	-30	$-249
2005-12-13	USD/JPY	1	s	119.79	118.68	111	$921.3

Let me take everyone through these trades.

Trade #1: This was immediately after the Fed decision and the pair went as low as 119.50 before heading back up and hitting my stop. I should have placed a tight limit but I expected the Yen to do what it’s doing tonight.

Trade #2: A mistake. I just started to use my forex.com account and I was trying to place a stop/limit and I accidentally squared the position. Good thing it was only a pip.

Trade #3: Stupid trade. Why ever would I want to trade a pair with a 9 pip spread? I was looking for a swing trade and my stop was hit. A mistake I tend to make is when 1 of my positions is doing well, I decide to take chances. It’s O.K. to take chances because that’s the game but educated chances are different than blind chances which this was. I opened the chart and just quickly executed a trade.

Trade #4: Successful trade that was executed well. I entered at a opportune time (before the breakdown) and exited before the minor retrace. I should have stuck with my 118.50 limit but I got greedy and removed it when I saw the pair quickly continue down towards it.

With 291 days to go (see My Forex Goal ) I’m up 135 pips and $1170 this week. My grand total the last 2 weeks since stating this goal is +208 pips and $1821.

Believe me when I tell you that I’m not getting overconfident or cocky. It’s only 2 weeks and if and only if success continues consistently, then I’ll feel ready. Until then, keep learning.

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