Buy in Eur/Gbp and a Word on Trading Psychology

I had previously been short the Eur/Gbp but now I've reversed my position...I was probably a little early with my short anyway. Part of trading is being nimble. You have to put the ego to the side and close or even close and reverse positions when your system or indicators tell you to. I'll be the first to admit that this is much easier said than done and I still don't claim to not fall for the "ego trade" every now and then, but I'm working on it by staying conscious of my self and my trading.

This Eur/Gbp trade is an excellent example of what I'm referring to. I was short and was short before my system gave me a full blown sell...a little ego and probably some greed were the root causes of this decision. Now, the pair has broken out into a full blown buy and I closed my current trade and entered a new one in the direction of the signal. Like I said, it's hard to put the ego aside and place trades only for profit and not to "feel good" or be "right" but it is a worthy goal to strive for at all times. Here's a chart of the pair that shows the buy signal:Do you ask yourself why you put on each and every trade? Do you again ask yourself why you have each and every open trade open? Do you reflect on past trades, both profitable and unprofitable, and ask yourself what your reasons and motivations for each trade were? These are tough questions but it is critical to learn how to be absolutely honest with yourself and answer these questions to the best of your ability.

Good luck out there.

TLT