Archive for the ‘Forex’ Category

Oops, I Did It Again…

Friday, October 21st, 2005

Dag nabit… On Monday I entered a trade @ 1.7491 and exited @ 1.7515…. I made a nice amount, but had I stayed in…. I would have made about 10x as much. A long-term buy looked good the entire week. Why oh why do I not stay in for longer time periods?! Had I stayed in, I would have earned slightly more than 1/3 of my salary in one week.

Plus, I see EWTN and Catholic Answers need money. So I better stop monkeying around with short-term profits, because these charities need me! I’m still debating who to give my last charitable contribution to for the year. Had I made that much, it wouldn’t even be an issue. I’m deciding between Aid For Women, EWTN, and Catholic Answers.

Guess I’ll just have to wait until next week, as the GBP market closes in about 5 hours. Of course, last Friday there was a huge Bull rally, so who knows…maybe this week will be the same. Today’s high was 1.7777. Can you guess my salary? I make just enough to pay the bills…. ;o)

Morality of Money

Monday, October 17th, 2005

I was chatting with Matt today at Quincy’s, and asked him what his view on Currency Trading was, as Matt tends to have unique perspectives. He was definitely opposed to it and likened it to stealing. I was slightly surprised by his take on this. I then asked him what he thought of playing cards, specifically Texas Hold’em, and his view was different, depending on whether there were large sums of money involved versus small sums of money.

The question put forth is this: Is currency trading morally acceptable? Or is it more like Matt’s position, that of stealing? An economic purist might say that currency trading isn’t very good for society because it doesn’t produce any good or service [utility], and, in this regard is much like gambling.

Again with the Timing

Wednesday, October 12th, 2005

So today was a good day. I got really busy near the end of work with a bagillion changes, but …. I was able to successfully trade and double yesterday’s profit. Unfortunately, I pulled out when I got tired of the bobbing up and down of the market (should have just stopped paying attention…I’m sure I’ll be kicking myself later tonight). I mainly blame all these little things I was doing for work for distracting me from being focused. Of course, my job is my duty, so it comes first.

Control Thyself

Tuesday, October 11th, 2005

Controlling one’s emotions is a difficult thing to do. In my recent experience (see image, all times EDT), I had good control entering the trade, but then I lost it after a bit of time because I didn’t want to lose my position (fight or flight…). When at the whims of the market, one must control oneself.