I took the first 2 hrs off from trading to visit the Forex Expo that was in town and whilst nothing was outstanding it was a worthwhile visit and I did meet a few interesting people. I returned to find that I’d missed a losing TUFXP trade so at that point I was feeling rather lucky! I was back in time to hedge the MPC minutes and I really wish I’d stayed at the Expo for longer. I suffered my first really awful slippage with my broker and instead of a 25 SL they decided 56 pips was more inline! I was nothing short of fuming and I was totally flustered and ended up messing up the winning part of the trade and eventually closed it for 0 pips. So a 56 pip loss was registered and I was genuinely fuming with myself. I let my emotions get in the way and even allowing for the horrendous slippage, it should have been at worst a -20 pip trade. To add further insult to injury there was a potential TUFXP trade forming and I set an order to open as I was busy doing a few other things in my trading room. I totally missed the fact that the trade had expired and by the time I had realized it had swiftly gone onto it’s SL of 25 pips. So only a few hrs into my trading I was a rather disappointing 80 pips down. By this point I was struggling to keep my emotions in check and ended up taking a nonsense of a trade on USDCAD during the news and I got whipped for 10 pips. Why I took the trade, I’m not sure. This brings me onto my next point; emotions during trading.

Emotion is an extremely big part of intraday trading and today I let myself down by letting them run away from me. Being strong-minded is of paramount importance to me and when I slip up it reminds me that I am still very much learning the art of mastering all emotions. Trading is a psychologically tough game and the desire to close trades early is a very tough urge to resist especially when you’ve had  a rough day, you see pips in the bank and you want to close early to limit any further losses or to repatch the losses already made. However, this is a huge fundamental flaw in the human emotion side of trading. I use strategies that I trust 100% implicitly and I know if I continue to follow the rules and basic principles I will come out on top. Having faith in your strategies is key and trusting it is as equally as important as picking a strategy itself. 

The day did get better in the very last 45 minutes of trading with two winning TUFXP trades. I decided to simply close my broker down and let the trades play out, babysitting the trades would have been nothing but torture as one was a GU short and a EJ long. It isn’t too often you see negative correlation between the two so I was very happy to see both had won. So whilst a loss of 40 pips on the day wasn’t what I was looking for, I came away from the day feeling positive for had it not been for the slippage and a simple error on my behalf it would have been a good day. 

Last but certainly not least, I have opened my very own forum here. It will take a while for the decent content to fill the boards but I have every faith in the members and myself to make it a fantastic place to be. It covers all things forex including winning MT4 strategies and TUFXP strategies. Registration is free and everyone is welcome to join.

Thanks for reading.