Week 10 Forex Performance

This week turned out to be my most profitable to date with a total profit of $2598, or 304 total pips.  All 3 of my trades were winners though they were not without mistakes.

I made 6 pips on my USD/JPY trade that I closed out last night before the big downward move.  Instead of the $40 I made on this trade, the potential to make $2000-$3000 last night was there.  Why did I close this out after holding it for a day? I’d like to think that the reasons for doing so were because the reasons I entered the trade in the first place were no longer valid.  This is not entirely true.  Fear.  I was fearful that the position would move against me.  This was not really rationale because the reasons why I entered the trade were still intact.  Sometimes micro-managing trades is not the way to go.  I believe my micro-management of this trade went a bit too far.

Another of my mistakes was with my AUD/USD long position last night.  I entered this position after closing my Yen position.  I considered this a low risk trade with a stop right below my entry point and below a decent support line.  The trade moved in my favor overnight and early morning.  I DID NOT SET A LIMIT.  Why? Maybe it was a bit of greed and wishful thinking that I would be able to manage this position at work.  Unfortunately I had a hectic day at work with meetings pretty much all day and my laptop was hosed this morning and my wireless card would not connect to the network.  I could have made about $500 on the trade and can honestly say that I would have closed it before it moved back down.  Unfortunately I didn’t have a chance and it hit my stop which I set at my entry point this morning when it was up 20 pips or so. 

All in all, I can’t complain about my performance this week.  I’ve made close to $4000 over the last 2 weeks and this with only making 3 trades a week.  I’ll continue my pseudo-strategy next week.

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