***UPDATE: well this is becoming a bit of a bad habit lol! so the price came looking for my stop….. and found it. As I type the trade would have been up another 40pips, some work to do I think. Still I always wanted this blog to be a true reflection of my trading and I certainly won’t be posting just the “Disney” trades where everybody lives happily ever after. The reality is that we, or at least I need to keep a constant eye on things like this to make sure that there isn’t a problem trying to sneak in by the backdoor. There is a fine line between maxing out profit and not letting profit slip through your fingers. That line is often controlled by emotions such as fear and greed. I think I need to have a chat with my fear department and see what I can do to get things back on track.
You can see though how this kind of thing is important to your profit line, as I have in reality missed around 80pips from two trades. From a business stance that needs to be improved, it’s like lost sales, always look at your trading from a business perspective, profit and loss and the cost of doing business, for traders that basically boils down to spread.
Ok so 270pips for the week and I’m off Friday, so have a good weekend folks and I’ll see you next week.
George Richards is a guest analyst and has a blog featured at forexdawn2010.blogspot.com
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