After closing out my big trade yesterday morning, I took a break from trading. Even though it would take quite a bit of effort to blow my entire gain, whenever my emotions swing towards euphoria or desperation my rationality tends to withdraw. This morning I did a little work on my risk management. No big trades or anything, but if I can keep the losses down pips start to grow like I fucking planted them.
For the EUR/USD pair, I have a short entry order in at ~1.314. Another good entry point is ~1.309, for the short. Seems like the general consensus is this is going to retest its lows.
The deal is, I tend to play some longs and shorts throughout the day using a variety of support/resistance, trendlines, and indicators (MACD, RSI, and Stochastic). But I put in some entry orders at ideal locations. Sometimes I can’t wait and I put in an order early, which tends to get mauled until the ideal levels get hit. Of course, that doesn’t always happen, which is why I’ll probably continue to do it. As my dad would always say, “If I were I doctor, I’d go out of business.” (Refering to his lack of “patients.”)
Yeah, everyone knows that’s a terrible joke. But the man is fucking scary. So it was always in our best interest to at least force a smile.
In other news, I played some poker last night and had a 50% return while my brother took off with 400% on a single hand. Shit. And the thing is, he rarely bets past the flop. Fucking dead giveaway. Oh well. We were playing with a dollar buy in, so maybe I can get him to buy me some tacos.
PS: Sans means without or lacking, hence, sadly we had no chicks, drugs, or beer while playing poker. Such is the life of a beginning trader. Maybe next year…maybe next year.