April 29, 2011
Weekly Trading Update - 25-29 April 2011
It's only been a three day week this week due to bank holidays on Monday and today, and to be honest I wish I hadn't bothered trading at all. I managed to lose money trading my main 4 hour trading system (see right for more details) despite the GBP/USD rising strongly, and the Forex Morning Trade system also lost money this week, as you can see below:
Monday: no trade (bank holiday)
Tuesday: -40 points
Wednesday: -40 points
Thursday: no trade
Friday: no trade (bank holiday)
The trouble is that this day trading system only trades the GBP/USD pair, and there has been a real holiday feel this week here in the UK due to two bank holidays and of course the Royal Wedding build up. So it is not really surprising that the GBP/USD has been quite difficult to trade.
I placed two trades on this pair using my 4 hour system as well and although it did eventually rise nicely, it sadly took me out of my trades on both occasions before doing so. So I ended up losing around 75 points to cap a thoroughly miserable trading week, but I did at least manage to make 35 points trading the USD/JPY pair when the EMAs crossed downwards on the 4 hour chart.
Elsewhere my shares have performed a lot better and I have just started scaling into positions in Barclays, which I am pretty confident about. So it all balances out in the end, but I still hate losing money. Once all of the bank holidays are over, I'm sure things will return to normal and it will be a lot easier to make money.
Anyway I am off to enjoy / sit through / endure the Royal Wedding, and another long four day weekend. Have a good one.