You must do the things you think you cannot do.

- Eleanor Roosevelt

Tuesday, July 6, 2010

Second Trade

All of these are from the same trade, which netted 4.3 pips, boosting my account to $28.87. I'm not letting two (fairly small) trades get to my head. There was nothing all that great about either.

If you look at the first screen, you'll notice what charters like to call an inverted head and shoulders (whether it holds or fails won't be known until later, of course). I don't know a ton about the context surrounding this market at the moment. It appears that the Eur is on a fairly strong momentary upswing, which is one reason my trades (scalps) are so short and hesitant. I keep coming in during "after hours" when the action has calmed downed. I'd rather not get caught in anything too substantial (keep my risks small), because while I could land a nice 100pip run (haha) I am just as likely to see a 100pip run against me. For now, I'll stick with short ~5pip gains until I'm a little more comfortable. For instance, I could've let this one run more. In time.

Right now, I'll let the market soak in.

Update: made another trade. I decided it was a little too impulsive and got myself out with a 0.8 pip profit. I'm going to leave FXCM open but stay out of trading for the rest of the night. Account at $28.95

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