31 March 2010 – Missed Trades, Executed Trades makes for an interesting day.

The thing I love  about trading is that there is always something to learn. Either about the markets or about yourself and today has been no different.

After a few days off to get some admin stuff done, today has been my first day trading since the beginning of last week.

Yes I have looked at the charts for those wonderful hindsight trades and boy I missed 2 great days. G-Force would have worked the last 2 days in a row! Hhmm, yesterdays lie in cost me an easy 75 pips in the bank BUT I was really tired.

So today I’m back in the game and fighting fit.

The big learning for me from today was dealt by USDCHF. I saw the set up, I loved the entry and I ……………………. WATCHED IT BREAK!?!

Why oh Why didn’t I take the trade? For sure I was mesmerised by it’s beauty – it had me transfixed, in a trance. Flipping thing cost me 100 pips. And yes I know that you’ll say it was hindsight but it really wasn’t. I was watching the lovely pull into the MA with the cute little bars that I like to trade. My phone rang and although I didn’t answer it I was distracted and when I looked at the chart I had missed the move.

Of course I could have taken the retrace entry but I was fuming at this point and telling anyone who’d listen about the trade that got away. And everytime it dropped some more the more screwy I got.

Here is the culprit which now has pride of place on the wall of fame (shame, blame…whatever)
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This picture is now on my fridge so that I see it everytime I reach for the milk to add to my coffee – I WILL NOT MISS IT NEXT TIME

I did manage to bag some pips today and to demonstrate that simple things do work if the market flows GBPCHF provided a great short entry. Again using the tried and tested entry from a pullback/retrace to the preferred moving average and scaling out along the way

You see – sometimes simple is best 🙂

I was talking to a trader friend of mine today about not repeating past mistakes. She’s only been trading for a few months and today she jumped the gun, entered a trade too early and got smacked by the market for her impetuousness. After swearing vehemently that she would never do it again all I could do was laugh. The more she said she wouldn’t – the harder I laughed  – I was laughing so much I WAS CRYING. Because I know she will – WE ALL DO. The key is to not repeat our mistakes so often that it ends our career.

I want to make sure that when I see a ‘thing of beauty’ I take it……….more often than not! LOL