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Friday, 16 April 2010

End to a very poor week

Well it's Friday afternoon again. It's very sunny, and I hasten to add, quite warm outside. As this week draws to an end, I am reflecting on what happened during it.

I haven't made that many updates this week as my head just hasn't been in it. I have had plenty of trades this week, but after Monday and Tuesday I was very low in terms of my mentality towards trading.

It's been another negative week, and quite a heavy negative week, in no part thanks to the mess at the start of the week.

The end of the week has seen me get my head back together, start trading from my plan again, rather than venturing away from it, which is what happened at the start of the week.

I have continued to push forward with my plan to migrate to a different broker and start using the NinjaTrader platform, but with it has come a realisation that I may have to adjust my trading style significantly.

I'm currently trading 5 pairs using micro lots to preserve my capital. However, the new broker I am going to doesn't support micro lots trading NinjaTrader, so I am going to have to stick to trading just one currency pair, which is going to be GBPUSD until such time as I have built up my capital to start adding more currency pairs again.For at least the next week I'll still be trading my full list of pairs until I get the new account setup and NinjaTrader activated for live trading.

I'm continuing to use Ninja for my charting, and Alpari is simply there to place my live trades now. Like I said this is going to be for at least the next week.

Currently just one trade live, a short trade on GBPUSD. It's hit T1 and T2 intraday targets, hopefully it will carry on making new lows and take out T3 and with any luck a T1 swing target. I'll be taking a look back at the charts at around 6pm to actively mange the trade to a close before the markets close. That's if it's still open when I get to it.

Here's hoping for a good weekend.

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