Friday, February 26, 2010

In the Confessional Booth with ForexDiva... Volume 260210


I ended the week:

+0.3% on the standard brokerage
-0.93% on the Roth IRA

I added another two Lehman bond issues to my Roth IRA. Once I have some more time, I'll post my bond ladder here so people can make fun of it / comment on how I can improve it / admire the boldness of it.

Now to the fun part...

Welcome to my new feature: In the Confessional Booth with ForexDiva, where I will confess my trading sins and air out my dirty laundry of the week and hopefully learn from them.

This week, I took profit on a few positions, including BGCP, AA, and IPG. I also made a secret GBP/USD trade that I didn't blog about.

BGCP... I made a good 10% net profit on this trade, but this could have been the trade that took me from staid to maid if I had done but two other things and that is to trade a bigger lot and also to move my stop rather than just get out with a limit.

AA... I was in this trade for far too long and there was a point when I could have taken a larger profit, but did not get out. My profits on this trade were tiny. Good thing I received dividends on it and it was placed in my Roth IRA.

IPG... I basically repeated the same mistake of not moving my stop here and got out with a limit even though I netted 5.24% on this trade. Who knows if this could have been the beginning of a trendship with benefits? I guess we'll never know, but I plan to get back into position on a pullback.

I also did a top secret GBP/USD long trade the other day. It got to about two pips profits when it started reversing. So I decided to do a S&R and quickly got slammed with another minor loss. I remember getting out at a total of about a 10 pip loss. Had I stayed in the trade longer with my second order, which was a short, it would have been pretty climactic. My biggest mistake: not having any trading conviction whatsoever. My even bigger sin: drawing out levels on the chart and not really following my trading plan.

So that's this week's episode of In the Confessional Booth with ForexDiva. Join us next week, dear Happy Shiny Forex Traders, for some more toe-curling trading pleasure in the form of smokin' hot profits.


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