Psychology of Trading, My Thursdays

For some strange reasons, I have been hugely profitable on my forex trades on Thursdays and Fridays since the week of Nov 19, I would round up with 400 pips of wins by the end of the week, had I not made any trades from Monday to Wednesday.

I wondered why, it was all accidents that Dubai happened or just luck that US unemployment rate was much lower than expected? Or I was able to "sense" the right move on right before the weekend?

I also found that lately I have been able to read the 30 min charts very accurately, it was like all of sudden everything started to click again.

Trading could be a hap-hazard job if one decided to go along with luck rather than analysis. But if I become a full time trader, I need to be able to nibble and also need to get some home runs.

I was able to pick the last USD/JPY up-swing, and this one too. I also learned that the close-all trades feature is very useful on the FXCM platform.

For stocks, it is too easy, because the market trend is driving everything else, in other words, bullish trades make money in bull market, bearish trades make money in bear market. Bull market is when SPX made a 3 weeks high after it made a 3 months high. Lately it has been sideway, so the entries are made on the market support and the exists are made on the market resistance. However you read the chart it is up to you.

Last but not least, trading is like driving a car, you will learn how to drive in a very short time. But your instincts were trained over a long period of time, and you will be better as your experience accumulate. I can't explain my instincts, I can't explain the fact that I could not sleep sometimes when I have trades open, only to find out that they were losing trades the next morning. I can't explain that I was able to be on the right side before dubai and after the unexpected low unemployment rate. But it all adds up from the articles I read and from the charts I follow.

Best of success everyone and don't look for stock tips.

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longs:

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