Forex Trade 27Mar08

today… early morning i traded forex but i had misread the trend and quickly lost some 25 pips.

this late morning we have an outside meeting, while i was still on a trade, i decided to put 5 mini lots on short EUR/USD.. set stop loss at +15 above previous high and target at +30 pips. that is 1:2 risk reward ratio.

after coming back from a meeting, i checked back on my trade and it was closed! target hit! erasing early loss and gaining a net profit of 30pips. thank god!

…however, greed has still consumed my head so i trade again, this time gaining 10 pips more only to find it wiped out by volatile movement. i messed up my plays by not consulting on short and long time frames.

MUST USE SHORT TIME FRAME ONLY FOR ENTRY/EXIT SIGNAL… BUT…. MAIN TRADE SHOULD BE CONDUCTED ON LONGER TIME FRAME…. TO AVOID THE NOISY VOLATILE MOVES!! 

I MUST THINK ON A BIGGER PICTURE INSTEAD OF SCALPING MENTALITY!!