I started the week in the Trader Contest with a GBP/JPY short (1.25M) but then made a stupid mistake and exited that trade right at the descending trendline on the first signs of improvement in risk sentiment. Not only that, I reversed and doubled the position which hit SL (which I widened by 50 pips) three days later. After that I took another long position with half the amount - it's SL was hit on Friday.

In hindsight, I could have made money on longs by entering in the dips. Much more lucrative would of course be to sell rallies. Or, if I'd just hold onto the original position I'd make another 300 pip trade and additional 35K. My equity would then stand at 170K, not at the current 31K. It was a great lesson though which I will remember. I will use the remaining equity to try and recover my account and perhaps make a comeback by the end of the contest month.

Currently I'm doing much better in analytic contests. I've taken 11th place in the November Technical Analysis Contest, 5th place in the December Article Contest and 4th place in last week's Fundamental Analysis Contest. I'd like to thank to Dukascopy for bonus points and prizes and to all DFC members for their invaluable support in all three contests!

I wish everyone a relaxing weekend and good luck and great trades after markets reopen on Sunday!
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