Today was a hard one, with lots of trading and lots of positions. Some went well, some not so well but I ended up with a profit and that's what's important. One by one:
I tried to trade the USD/CAD as I expected a surge in momentum like I saw some days ago after a breakout. It didn't happen and because the movement was too slow I got out of all positions close to break even.
The EUR/JPY one went better with most trades giving me a profit only after the pullback (which makes for really tense moments...)
I also made a small trade on the EUR/GBP purely on momentum after breakout. In retrospect I should really have re-opened after the pullback but I was not paying attention to this currency pair anymore.
Then I left home and when I came back I saw a really nice breakout on the GBP/USD. The first movement was done and the pullback was happening so I decided to ride it to wherever it would go. It went quite high, but as soon as I was satisfied with today's profit I stopped trading. I could have made much better profit on this, but I am afraid of getting overly-enthusiastic and joining just before the correction.
As a side-note I will say that averaging down seems to be helping somewhat. When things start to go wrong I take it as an opportunity to join again on a better price and with this idea I wait for the price to start going again in the right direction and then join again. It is risky though, because you increase volume and that increases risk, but I have saved a template of 0.01 lots to add to positions in this way and this is small enough to not increase risk that significantly.
I tried to trade the USD/CAD as I expected a surge in momentum like I saw some days ago after a breakout. It didn't happen and because the movement was too slow I got out of all positions close to break even.
The EUR/JPY one went better with most trades giving me a profit only after the pullback (which makes for really tense moments...)
I also made a small trade on the EUR/GBP purely on momentum after breakout. In retrospect I should really have re-opened after the pullback but I was not paying attention to this currency pair anymore.
Then I left home and when I came back I saw a really nice breakout on the GBP/USD. The first movement was done and the pullback was happening so I decided to ride it to wherever it would go. It went quite high, but as soon as I was satisfied with today's profit I stopped trading. I could have made much better profit on this, but I am afraid of getting overly-enthusiastic and joining just before the correction.
As a side-note I will say that averaging down seems to be helping somewhat. When things start to go wrong I take it as an opportunity to join again on a better price and with this idea I wait for the price to start going again in the right direction and then join again. It is risky though, because you increase volume and that increases risk, but I have saved a template of 0.01 lots to add to positions in this way and this is small enough to not increase risk that significantly.