Tuesday, January 26, 2010

Very bad day

I'm getting killed. Well, I'm killing myself. I'm not risk averse and just keep on losing. This is beyond tolerable levels. I'm -180 pips from start of this losing cycle. I have to stop now because I don't know what am I doing any more.
This is all trying to get out of the hole quick, consequence is that the hole is deeper.

-57 pips


6 comments:

Risk Control Master said...

trading is tough bro.

Anonymous said...

that wasn't an awful day! cheer up. i trade cable with 23 pip stops. if i get 2 trades wrong i'm down 46 pips. that's normal; i don't get down about it. at least you didn't average on those trades. you got 2 wrong trades that's all. tomorrow you'll get a few winners. jim

FX said...

Yes RCM it is, what can we do :)

Jim your comment did cheer me up so thank you on that. You are right, those were just two wrong trades. I did make stops on them too large in the end but it was nothing special but simple wrong trades.

Syed Omar (Hilmy) said...
This comment has been removed by the author.
Syed Omar (Hilmy) said...

can you explain what your general system is like. It looks like you buy/sell at new lows/highs?

FX said...

I discretionary trade price action. It can look like I buy/sell new highs/lows and it's because at those points price action is the most predictable. Things don't always go that way and there is no excuse for so big stops. My stop for those kind of scalps should be up to 10 pips, if I need more in particular trade then I should cut position size. I was in mode to recover previous losses and I didn't trade good.