Posts tagged trading plan
Trading Day Summary 2/3/2011
In contrast to yesterday, today saw a bit more action. I suspect the bad snow storm affecting the North-East slowed down some trading in the New York session.
My one major trade was on the $GBPUSD. I shorted @ 1.6187 when the chart broke down the previous support. I covered my risk on the first half @ 1.6181 for a + 6 pips and got out of the rest @ 1.6174 for a + 13
Last month I think that I over traded causing most of my profits to be eaten by commission. This month I will try the limited ammo analogy and look for only high probability trades. We’ll see how it pans out.
If you fail to plan you plan to fail.
Have a look at this article from GFT Forex about the importance of creating a trading plan.
