11:30AM

It's Saturday and I hope everyone will be enjoying their weekend.

Today my post will be about two things most traders are guilty of; namely Fear and Greed.

First I want to recap about the trade made previously before yesterday (Thursday). My instincts went off the roof. I should have just let the trade be with a TP of 100 pips and it would have hit nicely. But fear of losing those quality pips already reached made me close the position early and ended up with just 50 pips of profit. Well, 50 pips is still not bad but I could have got 100 instead.

Secondly, I want to talk about yesterday's trade. I had four short trades executed yesterday. Two of them ended up being break evens, one of them made me 20 pips and the other is still open with a floating -90 pips in the red.

Let me talk about the first two break even trades. Both of these trades initially would have harvested +40 pips each if I has set my TP but due to greediness I let the profits run assuming that GU will go down further and moved my stop loss to break even. Well eventually GU did went down but only after it retraces and hit stop loss on both occassions.

The third trade was opened using the same scenario but now I wait for the price to go down to almost 40 pips from entry and then I move the SL to a guaranteed +20 pips of profit and hoping in will run much further. Unfortunately the price retraces and hit the SL.

The above three trades are not using the strategy that I have been using this past two weeks.
However the fourth trade is but then again I changed the target limit from the usual 30 pips to 50 pips. I guess I was not satisfied with the previous three trades and thought I need to teach the market a lesson. Alas, I am the one that learnt a lesson here, that my greediness can attribute to my downfall.

Anyway, the fourth trade opened nicely. It went down and touched the 30 pips mark if a TP order was put there. But as soon as it does that, GU went straight up and up and up and I nearly got a margin call. I was up all night thinking what went wrong but then realized my own mistakes and had to cope with it. As of now the trade is still open going into the weekend. I decided not to close it yet and see what happens when the market opens.

Sorry guys, I cant post any screenshot as I cant log in to my account. I guess the server is under maintenance as usual during the weekends.

To sum it up, I just want to say that even though I am sometimes fearful of my trades and greedy on the outcome, I realized now that I have to maintain my trading discipline and would be more better if I am Fearful of my Greed instead.

Have a nice weekend.