Unlike last week, this week seems pretty bad from my overall trading perspective. I thought of not sharing this bad news but what the heck, I need to log this down or else I will not remember it myself.
And today marks another remarkable day when I made a net loss of 147 pips (SL50 x 3 positions) due to wrong speculation on the EU movement. I should have not anticipate it in the first place, I know I know. But this is forex... you just can't help it at times... tendency to outsmart the market is there... ;))
Perhaps I focused so much on the interest rate cut by ECB @ 7.45pm local time that I tend to forget about the G20 meeting that has lots of positive outcomes and expectations. I guess I need 2 to 3 years more (at least) before I can earn a masters degree in Forex.. haha. Then only I can generate at least 10k per day. The best so far is only 2k.
Shorting 3 positions @ 5pm onwards, the market went to opposite direction all the way and I just let the price hit my SL. I guess they are too strong for me to defy. But the thing is, I just didn't know why I didn't get along with the market. Main reason is because I presumed the market will push the price down by 7pm, instead of up due to the interest rate cut later on. Too much relying on fundamental sentiment I supposed.
Definitely I was wrong & this is the main weaknesses that I need to repair. I should have just follow where the market goes. Well well well... Losses are inevitable then.
I had enough for this week and probably I will not trade the NFP tomorrow. I've reached my threshold limit and enough is enough. Will come back next week with better mindset and strategy.
Tomorrow night, I'd rather go for Bowling instead!
Stay tune!
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