12 August, 2010 12:08

12 08 2010

Ah… time has come to post the first ‘real’ loss. Low from yesterday at 1.283. Price broke through this morning and I entered short at 1.2802 with stop at 1.2826. Stopped out for total of -72 pips (24 pips per contract).

Was too hasty in setting up this order, the real entry point should’ve been the low at 1.2797 and the high where my stop should’ve been based is at 1.2836. If I’d have been patient, followed my rules I’d still be on the sidelines wondering if the trade would set up. Was rushed to attend a meeting at 11 and I’ll admit that I was keen to set the order up and did not want to miss out on bagging any pips for my log. Instead I’ve been punished for being ill disciplined. PATIENCE!!!

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