Thursday, June 26, 2008

Killing me

Not market, I'm killing myself. Why do I try those longer term trades because if they don't go my way I'm brainwashed. I don't know where would I go out. I average for the sake of saving myself making risk and losses even bigger. I don't have the answers. Maybe enough of this kind of losses will one day be enough to stick only with scalping.

I wouldn't enter this trade for only scalping reasons because I didn't have any signal. BOE members have some kind of testimony and I bet that market would be taken down. It was, I had nice profit but I didn't want to take it. When the b/e price came I didn't want to go out. I didn't have any stop.
It was so nice scalp opportunity on the upside when market came to 800 figure. But I was brainwashed.
Whenever I try those longer term ideas I get results like this. So stupid to try it, because my management skills are zero for those kind of trades. I get disconnected from reality. I don't have an answer but not to try that. But I do try anyway.

I feel pretty much stupid and ashamed when I post this kind of charts. So that's good thing. It helps to avoid that for no other reason but to avoid looking stupid on my blog. This time I did those stupid things and I'm happy to get loss on that. It's better to lose on bad trading than to save myself with averaging and b/e. That way you learn.

I don't have to say much in my defense but that I will try to avoid going for bigger gains if that is just idea not reality in good scalp. The problem is always how I start the trade, if it's for scalping reasons it's good. If I look for some kind of swing trade when I enter I'm wrong.
-27 full size pips


2 comments:

ORION MACHINE said...

Losing sucks man... I lost 48 Full pips on Wednesday when the FOMC released its neutral decision 5 minutes early...

All of a sudden prices broke down 30 pips and I decided to go short... well, I was stubborn with getting out when it turned against me... Luckily for me I did not average in. I had a feeling that which ever way it was going was going to persist for a bit so I switched directions and went long after losing 48 pips. I sold half and set my stop to break even after 25 pips. I held on and got out later this afternoon for another 161 half size pips, making the total 186 pips. May largest gain to date, but it still pisses me off that I held that loser for so damn long.

It was hard to hold on because I was afraid of losing those gains.. I kept my stop at break even almost the entire time, but due to this news being a major thing I suspected prices would move a lot.

I don't know man, losing hurts. I respect your ability to publicize your losses, hell every trade even... Just get back on the horse and try again.

FX said...

Congratulations on your big win! This is really something for scalper like you. You are starting to open bigger field. I envy a little on ability to hold winner for 24 hours or so, because it's hard to impossible for me.

I got to say that in the heat of loss you kept calm not averaging and going in opposite direction and than holding that trade. I would be happy with b/e in that situation. Very nice play.

Yeah I'm now in some losing mode. Well I had nice winning streak of ten positive weeks, I can't complain too much. Today I was thinking about bigger picture and I can confirm that my trading over time got better. It's not yet where I want to be but I can see progress, let's say on yearly level. Before I was just catching tops and picking bottoms and now it's not so much a fact. That's big difference that I started trading more in the direction of the trend or b/o. So if I accomplish to change that I feel confident that other trading misbehavior will come to end.

Publishing losses is like a little punishment for bad trading. If I can feel satisfaction when I show wins why not get ashamed a little with this kind of idiotic charts.