Now I was happy with my profit and 30min later price started to go up. I rushed in, and got 17 more pips 0.85R. That's where excitement kicked in. I wanted moooooooore. So after 15 pips jump I get in again long angry because I didn't stay in that trade. Than took quick loss of 6 pips 0.3R. Than again long. I didn't got out on a spike but I stayed, missing 15 pips profit and let myself in 10 pips loss. I exit that trade in profit after 15 minutes but only 11 pips. When price agin moved to new high I again entered long, chasing. That was already deep emotional trading when I want only profit and don't want to take a loss. I let that trade against me almost 50 pips, 2.5R. I didn't want to take a loss, denial of reality. I started averaging and got out little bit above b/e for that set of trades. Well I would stay more if it didn't pause.
In the end 59 pips or 3R today with last eur/usd trade.
24, 17, -6, 11, -20|10|17 (averaging) pips
1.2, 0.85, -0.3, 0.55, -1|0.5|0.85 R
While I was writing this I had chaser trade in eur/usd for 6 pips 0.3R
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6 comments:
Shat did you end the day at? it is unclear to me. Would you please stop averaging your scaring the shit out of me!
On a side note, wouldn't taking half or at least some off the table and having a risk-free trade have been better than chasing?
Don't get me wrong though, I chase too, I think I had a trade like that last week. Lets pull it together brother, stop averaging or you will eventually regret it...
I would love to tell you you did well today, but I can't. Your makin' the dough the wrong way ;) peace man!
I end the day :D
at +59 pips, 3R
You are funny, I should scare me, not you. Well it wasn't senseless averaging because eur/gbp made at that time big bounce of the low, so gbp/usd fell on that. But as you always say anything could happen, it could go more down.
Anything after that second win was under strong emotions. It would be better if I just stop there at 2R. All my trading after was sloppy. I'm aware that's negative.
I take it all as learning curve.
I'm agreeing with Orion Machine again, FX. Averaging is really scary. You are really brave to do it over and over again :-)
I don't like averaging either :).
I get it, this is like intervention :D
I don't like it either. Why do I do it? Don't know.
Why I'm not worried about it? I try to focus on good side of my trading. I don't do it now like before in every case when I have a loss. I sometimes lose it (control), but I have to continue trading, only way for learning.
I believe that excitement is really negative in trading, but I got to get used to winning trading, that excites me, to lose excitement in it. I can't do it if I close my books too soon, I got to push it sometimes. That open's the door for losing control to emotions. When I'm emotional I average my loss.
I don't want to defend averaging, I'm not. I don't recommend it for myself or anybody other. Thanks all for your support with constructive critique, I appreciate it.
Hey guys, if you want to see my live trading today stay tuned to my YouTube channel, the videos will be up later tonight or early tomorrow.
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