Trading Reflection - 2nd Week of Feb 2010

Four of my six trades ended up in losses this week, one break even and one made a small gain. Overall my portfolio down 9.6% this week. Looking back at my trade setup, I had only myself to blame. I entered even when the signals are mixed. The last trade for this week was long AUD/USD on the Euro session. It went down an hour after entry and reach my stop loss within four hours. I did not cut it short even though the signals were indicating reversal. Naivety...
Overall my portfolio now stand at -56.6%, the new low point. Third consecutive losing week. Five losing weeks out of the last six.

Lessons are very expensive in forex trading world. Either you pay someone to teach you the ropes of the the trades or you ended up paying the market for the lessons. The difference is that when you pay to learn from someone, you gained some confidence and knowledge in strategies,if you are lucky you even get a bit of mentoring and guides in your early trading career (if you decide to make it a career). Along the way, as you gained some experience in trading, you ought to discover your own style and strategy. Maybe you tried and experimented with some strategies or trading style of your own, be sure to do it on a small scale.