The Trade That Almost Wasn’t
by Trader Rich
The H-system started me off well this week with a trade that almost wasn't. I had an appointment with my lawyer at 10:30 am this morning and at 9:00 am, my orders were still sitting unfilled. It didn't seem like they had a chance of getting triggered so I cancelled all of my orders. When I was about to leave after 9:30 am, I noticed that my entry price was about to be hit. A lot of things were going through my head like:
- Just close your laptop and forget about the trade, you have an appointment anyway
- The ISM report is coming out at 10:00 am, do you really want to enter a trade so close to the announcement
- If I don't trade this signal, I'll regret it later if it turns out to be a winner
- You're better off not trading it because if you do and it turns out to be a loser, you'll tell yourself "I told you so" later
Ultimately, I didn't want to ignore the signal to buy the GBP/USD that my trading system was giving me because I had done this a couple of weeks ago and the trade would have been a winner. For consistency purposes too, I wanted to adhere to my trading rules no matter what.
First, I went long 3 lots. Second, I hung around a little bit to see if I could move my stop up if the pair went my way…. it did. Third, I was able to leave 20 minutes after I entered because it was already up over 20 pips each lot and I moved my stop up to break even. I got to my appointment on time, plugged in my Verizon wireless card, and managed my trade from my laptop. I profited a total of 123 pips but it wasn't easy. I have to wonder how long I can continue with my dedication to trading and not let it get in the way of the rest of my life. We'll see but getting rid of the full-time job sure would help.