When opportunity knocks you have to take it! I am only human and trying to demonstrate discipline. (Believe me, very tough when I have all of you watching!)

As mentioned in the previous entry I slipped in an extra trade when I was too slow to put a trailing stop. For those of you who do not have this feature in their broker software you should request it or move your account as it is one of my favourite ways of moving into profit.

How does it work? You simply set up the parameters that move your stop once the pair has moved a certain amount. Once I see I am in profit I put a stop at a position that keeps my profit intact. So if I have made 25 to 30 pips, I will place a stop around my 25 pip profit, then trail it by 15 pips or so. That way, if the pair continues to go deeper into profit, my stop automatically moves 15 pips, once the currency has moved 15 pips. It keeps doing this until it kicks back. I love that feature.

Now last night, I fell asleep at the wheel and did not put my trail. Waking up to a local news report that mentioned the run on the bank in England, I charged down to see that my trade exited at profit while I was asleep. I decided to place another trade as these are the opportunities that you wait for.

I admit, maybe not the best exercise in discipline, but a calculated move based on my experience with this pair. I was prepared to sacrifice a bit of the previous trade to go deeper into profit.

Become familiar with the pair you trade, live your life, (in the past I might have stayed up all night), and take advantage of opportunities when you bump into them. Too many traders take a riskier approach when they are in a losing trade, than when they are in a winning trade. Go deep into profit when you can and don't sell yourself too short! (Trailing Stop)

Getting close to target. Hope I hit it this week!

Safe Trading

to view account:

http://stockandforexcenter.com/images/sept17results.jpg