Perse's Forex Trading Log

[perse]

SL hit today.

As far as I'm concerned, this trade was executed perfectly in accordance with my rules. In that sense it was a success and I'm pleased with that. It just so happens that the SL was hit instead of the TP.

If the rules are sound then, in the long run, success will follow. However, no set of rules will result in a TP being hit every single time. That's important to remember.

Today's performance also illustrates the importance of placing a SL. I really don't know what the EUR/CHF will do next week. I do know that it hit the point at which I was prepared to lose (NB - calculated before entry!) and nothing more. Remember... manage your losses! If it goes up next week, it goes up. If it goes down, it goes down. I really don't care one way or another at this point. I'm more concerned with finding good candidates for the next trade. Will I consider EUR/CHF at this time for another short? No, since I've lost a bit of confidence in the trend given the higher high. I do like the looks of the USD/CHF. I'll keep my eye on things.