February 17, 2009
By: Ashley
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Our profit for the day? $1,720.94!
Hi everyone -- I want to review our trade action from today...
We were short AUD/USD -- we went short on 2 lots at 0.6470. They triggered at 01:17 GMT and the price continued to fall. Our take profit order on the first lot triggered at 07:03 GMT. With the trade closed out at 0.6400, we made $700 on it. We also moved our stop loss on the second lot. We really need to follow our trading method a little closer. We moved our stop loss early, and wound up getting stopped out at 0.6395, for a profit of $750, but we missed out on the further drop in price. It is currently at 0.6374, which would have given us an additional couple hundred dollars on that lot. But we still made almost $1500 on this trade.
We were also long on USD/JPY. Once again, against our trading method strategy, we prematurely moved our stop, and got stopped out early for a total profit of about $275.00. Seeing this, we went ahead and entered another long position (basically to replace the lot that got stopped out early on our stop loss move), which is currently at a floating profit of $224. Now, since the day is done, we need to evaluate our position. Our trading method says to leave our stop where it is, as there is continued potential for upward movement. Sometimes I like to lock in profits where possible, to avoid potential losses. We risk getting stopped out early and leaving money on the table, but on the otherhand, locking in profits is never really a bad move. I think the pair might pull back over the next 24 hours, so we are going to move our stop to 92.15.
Our profit for the day? $1,720.94! Don't you just love trading Forex?
Thats our trade review! Check out our Angel Pair Picks to see what we will be trading for tomorrow! Good Trading Guys!
