Hello and welcome to today’s adventures in the Forex Jungle. This is the penultimate virtual trial blog.
The virtual account is being dragged, kicking and screaming to the £1000.00 mark. I had arrived at my desk just prior to 07:00 this morning, and I noticed that once again, there had been significant movement in the £/$ pair overnight.
I entered a long trade @ 1.6110, which was already considerably above the Daily Pivot of 1.6043. Had I been a little less woolly headed, not to mention greedy, or stupid, I would have successfully completed a 30+ pip scalp. As it was, I set my sights too high yet again! Was that desperation taking hold, wanting to reach a target? I would like to say no, but if I’m honest, I have to say yes it was. I went into this trade with one eye on the target.
I was looking for 50 pips and I only needed to see the price hit 1.6160. However, the price couldn’t break 1.6150, and began to turn around. I decided to get out of the trade @ 1.6120 with 10 pips of profit. So we closed today with the account at £955.00.
The thing which annoyed me the most, once I had time to sit and think about it, was the fact that to reach the £1000 milestone, all I needed was 36 pips! I somehow forgot that I was trading at £1.50 per pip.
Not to worry though, it’s only virtual and will become irrelevant after this week. However, I have learned one thing from this, and it’s something I’m thinking of adding to my list of golden rules.
Don’t set yourself a target in a timeframe! It’s all very well having a goal to achieve, but you can really do without putting yourself under pressure to reach that goal by a particular time. Work towards hitting your goal, but let it happen when it happens, and then set a new goal.
Thanks for reading this far, don’t forget to look in tomorrow to see if I hit the target!!!
No comments:
Post a Comment