I mentioned that the First Thursday of the month for online traders is interesting! Well all hell broke loose today on the main forex currencies. When you start getting too comfortable with the markets you do stupid things like I did today. Cable was channeling as predicted due to the 12 news announcement.
For some reason I still thought I could scalp 10 - 15 pips as it made a move up in the morning. I got burnt and rightly so, I broke my rule of not trading on these days and it was a good lesson. So 30 pips lost.
Okay so to top off my day the Monetary Commission chucked 50 Billion into the market. The UK is already bankrupted so throwing away more money is OK? The big players did not see it that way and cable went a bit mad.
I normally wait for it to clearly decide its direction if I am to play the news. Adrian my trading partner had left an oto (Order To Open) on a short position which I felt was far too risky.
Especially since I had already been burnt in the morning.
So what happened......Well Adrian's oto was triggered short a minute into the news and he made 100 pips in 30 seconds. A couple of the trading group also tried to get into the trade but IG could not fill the orders.
I think the word pissed does not do my feelings Justice.....Especially as I had my finger on the trigger but didn't execute. Secondly I attempted to get in at below the 50 level but was again rejected by IG.
When I checked I realised they had widened the stop loss for the news and I had not adjusted. It moved 30 points in my favour in 30 seconds. Not a happy Bunny!
Non farm day tomorrow and no doubt more madness.....
Trade On!
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