Fair Trade

Bad Assed Trader:  Having traded and blogged from our place in France this morning I'm now back at my English Trading Desk - doesn't sound exotic but instead rather briefcase-and-bowler-hattish - and am obliged to report progress on my earlier trade with the Aussie dollar.

In case I didn't mention it previously, this Aussie dollar trade was my 11th - yes 11th - attempt at spotting and executing 30 perfect trades in a row, which is my current mission. This does not mean it was my 11th perfect trade.  It means I have tried 11 times to do 30 perfect trades and had to stop each time I made an error and am now on my 11th run.  I have probably taken over 60 trades in the quest for the string of 30 perfect trades.  Sometimes I've only managed a run of 5 or 3 (and on a couple of occasions a solitary trade) before I make an error and have to start again. Such is the life of a newbie trader.  I am learning the art of discipline and it's a tough nut to crack - tougher than you'd imagine (well certainly tougher than I imagined).

I have been working my way through the alphabet with each attempt at 30 perfect trades and am now on K.  Aussie (AUD USD) was the first K trade and I took another this morning on the Euro (EUR USD) so this was 2K.  I was taking both long - so betting that these currencies would strengthen against the US dollar.

I am pleased to report that both my K trades met my rules so my K run is still running and I am ever hopeful that on this occasion I will make it to 30.   This is my most important objective achieved for the day - more important than the actual outcome of the trades as this can be relatively random.

However, I am also pleased to report that I ended up 1% in profit following the two trades.  Neither went wildly up, they were a bit damp squibbish, but I managed to squeeze 0.75% out of the Aussie - a fair trade I felt - and 0.25% out of the Euro.  At one point I could have closed the deals 2.5% up but I had set targets for them both and like to let them run until it is clear they are not going anywhere by price action showing evidence of moving in the opposite direction.  That is when I closed the deals and I have the satisfaction of seeing subsequently that I came out at about the right time in that things did not really get much better for either currency pair.

So far this week then I'm 1% up which is nothing to shout about to be sure but is better than where I often am by Tuesday evening!

I plan to blog again in the next few days hopefully with positive progress on the K run and hopefully news about a possible secondment which could save Faceless Bureaucrat from the prospect of empty handed redundancy in July which is currently 95% certain unless she secures NHS work of some description.  With that level of probability I would be trading on that bet if it existed on my broker's platform but I guess I have insider knowledge given my close proximity to Faceless Bureaucrat.  She's itching to get out and tell all but I'm making her wait until things are clearer and in the meantime there's always something to share about the trading which is, of course, much more interesting. N'est-ce pas?