FX Trading - Euro - 5/22/08
Our forex trading plan is quite simple: 200 - 300 pips profit per month. Thats good coin where we come from! Plus we trade other markets as well.. 300 pips per month equals out to 15 pips a day. So on any day I make 20 pips, I will usually go back to bed.
Last night I almost didnt have the opportunity! I made 1 trade and it shot up 20 pips! Nice!! ok. I knew I wanted to trade the 30 year bonds in the morning - and the bond market opens about an hour before the dow - so I wanted to get some sleep to get up earlier. However, I went ahead and took the 2nd trade. A short somewhere about 3:20 or so in the AM. It immediately goes against me so I was really kicking myself for taking the trade in the first place - especially that I was already up 20 pips!
Fortunately for me it dropeed back down and I was able to take 10 pips off of the trade. So I ended the EURO day with 30 pips today - not too shabby - but I am really tired !
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