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It is very dangerous to be sure of something

AdamFx42 Posted 4 June  in #Trader's blog #Gbpjpy #USD Weakness #Pain Of Growing
Today's story is about trading growing pains
As a trader one must be always wary of pitfalls
I have trading been for six years now, and have grown a lot in that time,
but this week I have experienced some severe growing pains
I have tried to be a disciplined trader, but there is always the danger of blowing up
Last week was just such an example:
I was sure that the combination of a possible rate hike in US,
and a no-vote for Brexit meant that GbpJpy would be a winner
I did the technical analysis…
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2 Comments
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fxsurprise8 4 June

Damn, that sucks. You have to control risk in this business, it's crucial. Doesn't matter how good you are until you learn to take a loss.

You've probably heard this million times before but you shouldn't risk more then 1-2% on any trade with real money.

Don't beat yourself up though, what you did is completely normal. Humans are hard-wired to avoid pain. Even when the amount at stake is the same, we feel twice as worse when we lose then we feel good when we win. This is why let that loss run away.

One solution is to make clear rules for trading, the other is to re-train your monkey brain.

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fxsurprise8 4 June

Good luck!

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GBPJpy looking interesting now

AdamFx42 Posted 29 May  in #Trader's blog #Technical #Daily Chart #Gbpjpy #H S
GbpJpy is looking bullish on the daily chart
With a likely 'NO' vote for Brexit and bullish Gbp movements, the BOJ wanting a lower Yen
and the technical analysis on GbpJpy - it looks like a clear buy on the daily chart
A head and shoulders pattern has emerged in GbpJpy on the daily chart
I will be looking to go long just below 160 - with a SL at 157.5, and a TP around 164
gl all the last few days of trading
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Trading strategy for the coming week

AdamFx42 Posted 24 Apr.  in #Trader's blog #NZD #Usdjpy #Decision #Fomc #Gbpjpy #Rate Interest
Two interesting data releases for me this week
I have climbed back to 155K, from being down to 29K, last week
and I am hoping to spend my money wisely this week
UsdJpy is climbing higher before the FOMC on Wednesday,
I have not decided to play this yet - GbpJpy seems to me the most interesting pair to trade
Also, on Wednesday, is the Nzd interest rate decision
If there are hints of another rate cut I will short Nzd pre-decision
gl all
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USDJpy making massive gains - other Yen crosses too

AdamFx42 Posted 23 Apr.  in #Trader's blog #Gbpjpy #EUR Weakness #Usdjpy Long
UsdJpy is up to nearly 1.12 in a huge bullish reversal from 1.08
Other Yen crosses are following the pair up - Yen seems to be weaker
The most interesting cross seems to be the GbpJpy,
this pair has accomplished a three candle weekly inside reversal:
there should be more gains here next week
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Long UsdJpy and the rest

AdamFx42 Posted 8 Mar.  in #Trader's blog #Usdjpy #Eurjpy #Euraud #Gbpaud #Long #Gbpjpy
I have been going long UsdJpy and crosses since last night
UsdJpy dropped below 113 yesterday night and I decided to go long
I believe Japan bank will intervene if the pair drops too low
so it offers a good (safe) opportunity for longs after drops
I decided to go long GbpJpy and EurJpy too as they seem to be following
and both Eur and Gbp still look strong
Also, I bought EurAud and GbpAud from lows and AudUsd was retracing
This made me a few pips
I am still waiting for my short Jpy positions to pay off
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