Wednesday, February 17, 2010

BS

This one trade a day thing doesn't prevent me being me. Pure gambling and pure BS and not trading. I wasn't ready to take small win today, I wanted big win. I was late in the morning for earlier entry, even on this I had 10 pips of profit. That should be enough because it wasn't advancing up for 30 minutes but small 10 pips.
Another problem is not having idea what to do when things turned bad. I knew that it's going down when 790 was broken around 10am. On 5min chart it looked ugly when that 20 pips bounce from 9.35 to 9.50 was gone. That would be natural stop if I wasn't using hard stops, -15 no big deal.
Instead I stayed in waiting GBP news time ??!!
I've put 100 pips stop on and gamble was there. In the end I got rational to get out of that madness because it didn't look promising for up side with eur/usd in downtrend and no big action after GBP news.

I don't have words to explain myself. I have a problem with refusing to lose on a trade.

-25 pips


4 comments:

Risk Control Master said...

Honestly, I think you did pretty well, you can take one of your many blow up days chart and look at it, this time, at least you have stop in place (well, even it's wide stop). and you get out in the right time, u didn't let your account down 50%.

FX said...

I understand what you are saying. I'm just annoyed with myself because of inconsistency. Sometimes I'm reasonable and sometimes I react so bad to risk and losses that it's inexplicable.

Syed Omar (Hilmy) said...

as a fellow trader, i hope you don't take offense to this...but you NEED to stop fuckin around. You widen your stop two days in a row. The first time you got lucky and got out in profit. This time you got screwed. Have some hard rules on exit, entry, position size, etc. Cause if you keep doing this..you're insane. We all in the same journey so i feel the pain, and i would appreciate if somebody would be honest with me if i mess up.

FX said...

I appreciate your comment.