Sigh…. think of the bigger picture!

18 08 2010

A consequence of trying to trade UK hours whilst still in full time employment is that more often than not, I’ll miss live trade opportunities.

I’d established this morning the high at 1.2856 as one to watch for breakouts at, based on the high from this morning/late last night’s early morning range. I figured that there would likely be some movement this morning as price was bound tightly between the high I’d marked and the low of 1.2825. Believing this, I had tried all I could to delay walking across to other office; make another coffee, go for another toilet break, but in the end I had to leave my desk. Cut all the small talk and back ‘home’ in under an hour but by that time, price had already broken out. Boo….

Fortunately I’m not dependent on live trading in any other way apart from account building. My long term goal is to actually do this full time, so putting ‘missed’ trades simply down on paper is fine. What motivates me is knowing that I’ve got a system/method which is potentially long term profitable and relatively low risk; if I can sustain this method over a significant time horizon, plus convince myself that I can diligently apply this method without question then I can make it as a full time trader. So in summary, there’s no ‘missed’ trade!

Chart attached showing the entry I would’ve taken, stops would now have been moved to just below entry. All I’m going to do now is eat my breakfast flapjack and watch for any reaction around 1.29




2 responses

18 08 2010

Welcome to the trading blogosphere. It’s not nearly as exciting and awe-inspiring as some would have you believe. But nevertheless, it serves a purpose. I just never figured out what that purpose was exactly. 🙂

20 08 2010

Thanks DT, certainly it’s this blogosphere is encouraging me to keep an honest track of my progression! Looking forward to contributing something maybe to the community.

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