Message 54

Missed on on EUR / GBP short as price has since retraced on positive GBP House Price Data, though it is mainly due to the low supply in my opinion, so bit of a distorted view.

Still thinking about a EUR / USD short...waiting to see what London does to the price. The Euro did close at a new high, but is lacking upside momentum.

There is plenty of event risk today, the main economic news being:

9.30 - GBP CPI
9.45 - GBP inflation report
10.00 - German ZEW economic sentiment
1.30 - USD Retail Sales & PPI
3.00 - FED Chairman Bernanke speaks

The USD / JPY and CHF / JPY trades I exited Monday are now in profit with the CHF trade in particular playing out exactly how I planned it...why oh why did I exit...because of the losses last week I wanted to exit EUR / USD for a profit and cut the losses on the other two to ensure I started the week in a good fashion. The power of emotions and the psychology of trading is something that in my opinion is the biggest hurdle / barrier to success!

Never mind, you can't let regrettable decisions affect your future trading, one of the most common thing newbies do when they have some losses is go chasing after trades to try and make those losses back and thus they take trades they shouldn't and sometimes money management will go out of the window too.