Wednesday, March 25, 2009

Intellectual vanity

Well many mistakes. Primary my attitude was poor because I wasn't in it for the money, playing the game by the rules of a game. I was in it for intellectual stimulation. I wanted to be right. It wasn't enough when I was right I wanted more. Just look at my first trades in eur/usd. I'm leaving 20 pips on the table in first move to get wiped out. Then when I get second move I'm around +30, I'm adding. It's not going my way, close both. Then open short again and lose it all.
In that pink move I was up 20 half size pips at that point before a loss. Eur/jpy was a greed and then when they both turn against me I didn't have balls to take a loss until the top. After it I was in "get it back" mode trying through gbp/usd. Good thing that I didn't get hurt doing that. By various scalps I got back around 30 half size pips to end the day at -42 half size pips or -21 full size pips. So bad when you take in consideration that I was up +12 full size pips at 9:30 in the morning.
Like MarcoA says there are other challenges that I have to encounter not just taking stops.


Anonymous said...

would you mind mark your initial stop level for every trade you have on the chart next time? I know Oanda doesn't do that automatically and it will be a little bit more work for you, but I just hope that can help you to stay with your plan and honor your stop.


FX said...

Well I have predefined stop on Oanda on all trades of 20 pips. Sometimes I stop myself sooner or sometimes I blow the stop, move it, like I did on those two pink marked trades.

I don't know in advance on trade where will I stop it out , but I know that 20 pips is usually enough in every case and it's usually mistake when I let past it. That's why I don't mark it.