Day 126: Money Management is everything

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This whipsaw action in the markets are causing is killing me. I’m getting more and more aggressive with my position sizes which is not the best thing for this volatile market. My account is sitting around $900 right now. I know, I have such horrible money management. June was such a horrible month for me. As I’m becoming more familiar with trading, I’m becoming more and more arrogant and ballsy. I need to control myself until the markets become tame again. I’m worried that I won’t be able to get my account back up. However, I did have this dilemma before in February and I was able to recover just fine. I just got to keep my head up and be patience. It doesn’t matter how slow you go as long as you don’t stop.

With that aside, I’m holding onto my long dollar trade. I tried to long EUR/USD yesterday, but it finally dropped during early EUR opening last night. I canceled out my longs and then switched to short. Unfortunately that’s when there was a rumor that Greece was looking to accept a bailout. There was a huge spike and my SL got hit. I called it a night only to see the market go to my TP when I woke up that morning.

Tomorrow’s NFP due to Friday being a holiday. It’s a new month and I’m ready to let the losses in June not affect me. I’m a lot wiser and knowledgeable now and I’m not afraid of a drawdown. I’m holding onto my long dollar trades until tomorrow morning, or until I see a sign of reversal. And yes, this is for sure one of the most stressful jobs there is.