I had a really good day trading yesterday. I ended up with 55 points having taken 35 pips in the morning then a further 20 pips in one trade in the afternoon on Cable.
After those comments I have to say that I blew the 20 I made in the afternoon yesterday by a trade before 07:00 today. I went in short on GBP/USD at 16395, was up 2 pips then stopped out with 20 pip loss.
Would you believe me, if I said that I was trying to fix my laptop and missed the massive rise? I took 5.5 pips right at the top when laptop was back up and running. Let’s have a look at the charts and see where you could have made and lost your pips this morning.
I am now going to stay away from the trades for a couple of hours (have to buy some necessities). Will be back this afternoon for some more trades, which no doubt I will be telling you all about tomorrow.
Going on from my blog yesterday where I spoke of how important it is to have a Mission Statement. Today I am going to touch on “Trading Plans”. This for me is another must, this is where you put down on paper your weekly, monthly, quarterly and yearly plan and outcomes that you want from your trading.
On my weekly Trading Plan I start with goals, what I want my trading equity to grow by each week, from this I specifically mention how much I want for living expenses and then say that I also want some for our retirement fund.
Next I set a 4 weekly goal to raise my trading equity by a certain percentage. Again under this I state what I will be doing to maintain this. E.g. “I focus on continuous, repeatable success”, by following my trading rules. Then after this I read my Mission Statement.
To your Trading Success
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