Pride comes before a fall

With a new found vigour and mental attitude, Leon started the Euro session with an aggresive attitude - contrary to his ususal - cautious prudent approach - drifting away from his plan caused a devastating early exchange - sustaining 2 losses attempting sub substandard trading ideas. Having seen the euro in free fall since the portugals downgrade, Leon decided he would attempt a Scalp trade on the EuroJen cross pair, even tough the EJ had been making high highs, Leon thought he could pick the top and scalp for a few pips, he indeed see roughly 8 pips in a short matter of time and was thinking this may come down much lower for a larger profit, I think the words Greed and stupdity come into mind and these traits will cost any trader his shirt, after 30 mins the EJ reversed back to the upside and any profit from this trade quickly turned into a posistion being upside down, with the tought of losing on a winning trade is such a hard pill to swallow, I then begun telling myself that this would come back into profit, knowing from the start that this was indeed a risky trade, it did not however and I eventually closed the posistion for a heavy loss.

Feeling aggitated that the loss was incured, my immeadiate response was on revenge and clawing the loss back asap, having sat through the the late part of the Asian session, I noticed that Sterling was at key support levels and making a turn back up for a potentually reversal Buy trade, although sterling had some better than expected news today it had already travelled over 100 pips, from the original time I spotted her moving up, with revenge still in mind and my emotional disposistion I struck out and Loaded up on a ridiculoulsy heavy Buy Posistion on Sterling 4 lots ( which is 40 pounds per pip) on a 5k account is kinda ludicrous actually its insane, my initial response for the first loss was to go out all guns blazing and double this account today.

However the market is a very good teacher and greed and poor trading decisions are never rewarded.
Ontop of that I never placed any stops in place, becuase of my arrogance, stubborness and sher stupidity.

Now working with the laws of nature and karma my stupidity was further punished when internet connection went down - I immeadiately called JQ to explain the situation and asked him for assistence and the current prices on GU GY - we also then placed stop losses and talked the posistion through.

He was a friendly voice in a moment of a distressed trader and I thank him for his calming nature and pragmatic reasoning. He was able to give me second by second prices and was telling me how the current posisition.

Now with all that said and done, my decision to Buy Sterling was not a poor choice, what was a Poor choice is that I never got in much sooner when I should have and overleveraging the account out of fear and greed.

So I am totally responsible for this as its very uncharacteristic for me to be trading in such a rash substandard manner- akin to going into a cricket field and slugging for 6's on every ball is not a sound idea for long term success.

I have also read that there is a thin line between genious and stupidness - The posistions we currently have open are Long GU and GJ ( sterling vs dollar) and ( sterling vs Yen), so I am anticipating over the next coming days and weeks sterling will move to the upside across those pairs and heres why I think that. I see the Sterling moving up for at least another 200 plus pips because as the charts so tell us we have entered into a strong demand zone - and we did have better than expected UK data yesderday- in any event a day in forex is a long time and much can happen between even the next couple of trading sessions, but I am confortable with us holding Longs at these levels - again this week is NFP week non farms payroll - (US jobs numbers) that is always a big market mover so trading may be slower on thursday with the focus on the US data release this coming friday.

If the numbers are worse than expected for the US this could send our posistion home and dry and put the 200 odd pips back into the account for a tidy little profit. lets see what the next couple of days brings us.