This trade may or may not work out, but it's the best currency trade that I see right now. Second best is long the Cad/Jpy...an oil play. We'll see how it works out. I did put on a good continuation trade on Friday but unfortunately, it got stopped out. The only reason (or not really as you'll read about below) that I was stopped out was because the spreads were raised to ridiculous levels by my broker...like 20-30 pips on the Eur/Usd! Although this chaps me, I must also realize that it's my fault...my stop was not wide enough and I've even mentioned on this blog that setting wide stops going into the weekend is important, so it really does come down to me.
The sooner you learn to take complete ownership and responsibility for the outcomes of your actions, the sooner you can become a winning trader or a winner at anything else. When it comes down to it, everything in your life is the outcome of your own actions...whether you like it (or agree with it) or not. So make the best out of every outcome, whether good or bad, and either learn from an undesirable outcome or enjoy and grow from a desirable outcome.
So what does all this mean? For me, it means overcoming my natural feelings of wanting to blame external factors (my broker). What ticks me off is not the loss, as it was somewhat minimal, but the lack of profit because the Eur/Usd dropped down to my profit targets that I had set. Now, instead of just a loss, I have to deal with a loss plus a lack of profit. However, I will not dwell on this because I am taking ownership for the outcome and realizing that I should either accept the loss or just stop trading because blaming external factors does not lead to success...only learning and self improvement does. I'll stop preaching (ranting) now.
Hope everyone's doing well and is ready for a great trading week.
TLT
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