Thirty Days of FOREX Trading by Raghee Horner

Author:Raghee Horner
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-06-21T04:00:00+00:00

I passed on the EUR/JPY trade, and this leaves me with two positions on the morning. The AUD/USD is being a little more temperamental but hangs around my entry price within a few pips in either direction. Finally, 0.7387 gets hit in the AUD/USD and I’m out with a 15-pip loss.

My OCO is still hard at work in the yen bracketing my stop and profit target, until I see that midafternoon my stop-loss was hit when prices fell below the 117.70 level. So I am now flat with a 35-pip loss. Not the best day in the books, but now that the action has completed and I am looking back on the minefield I was running through, I can see how price action just didn’t go my way today. That happens, and since I followed my trading plan and adhered to my stops, I still walk away with confidence. This day, and any day when you follow your trading plan, is a success.

The real proof will be tomorrow and how I bounce back. Recognize, react, repeat. I’ve been at this long enough so that year after year I have seen the setups work in forex, futures, and stocks. But you haven’t. So when I talk about bouncing back, I really have you in mind. I won’t kid you; just because I say this works for me doesn’t automatically mean that your brain is going to put 100 percent confidence into this. You, too, will have to put in the time, reinforcing you brain, training your eyes, and developing trust in what you see and confidence that you can manage no matter where prices can go.

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