Saturday, June 5, 2010
Back to the Grind!
GT, as my trading pal Black (http://blackbottleforex.blogspot.com/) calls me, has a black coffee in hand and hands on the keyboard. Have not posted for a while, but that does not mean I have not been carving through the FX markets. It’s been a wild ride since my last post just after Lefty’s big win at the Masters.
It’s certainly true that my goal is to build consistent profits over time, however my results the past few months have been more like a skater style we used to call OC. Now OC nominally stands for out of control, which I have not been, but it really refers to riding on the edge or all over the place if you will. How else could you describe a period of trading where you have a gross gain of Pips in a month and still lose money? Of course, this period was preceded by a month in which I had a total loss of Pips and made money!
It seems to me that the volatility in my account echoes that of the market in general. Yesterday’s Non-farm Payroll (NFP) was a big disappointment and the EUR/USD and EUR/GBP pairs that I follow most tanked. Having learned my lesson from trying to trade the NFP in the past I was flat as an earlier trade in the EUR/GBP hit my tight trailed spot early Friday making for a nicely profitable start to the month of June – 352 Pips were ripped. The adjustments to my trading style from the start of the year continue to work out. I am trading with much wider mental stops and profit targets, building my positions over time and following longer time frames. No scalps for me.