First scalps are just that. Nothing much to say.
Later marked with A stop was hit by surprise spike. Nothing problematic. But I entered seconds later in opposite direction and get whipsawed. I'm not even realizing what is happening to me. I'm trading, moving stops, getting stopped, trading again, riding two positions against me. Finally I close them late, obviously I had bigger stop then -6 pips. Result is hole of -46 half size pips for a day.
Now I remember situations like that from the past and that I will now go into recovery mode that could lead me in bigger hole. I'm thinking about that and how it would be probably best to just walk away. But I fail to do it.
Marked with C is my recovery trading that got me additional loss of-24 half size pips. In the end from low of -70 I closed last trade at -49 half size pips for a day.
Interesting situation is marked with B where I want all my loss to be erased so I don't take what's on the table.
I don't even know can I save myself from instinctive trading when spikes occurs. When volatility changes like that I'm in without much thinking. Few losses and bam I'm down too much for my plan.When I'm down "too much" recovery mode kicks in. Then depending on market I recover some or loss more, big again. When market is ugly like today deeper hole is biggest probability.
Funny thing is that I'm not so emotional about it at all like before, because I went through it many times. Maybe that's good sign.
So what can I do but document it here. I should know better by now but it looks like I don't.
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4 comments:
Hey,
U're better trader than me...cheer up friends...
If I was in ur position, I may dig hole to -100 pips
:)
FX,
Sorry being harsh to your reply. I am very emotional and frustration that day. Hoped it's not make you stopped comment on my blog :)
My bad
Not at all, I didn't get that as harsh, don't worry. I was out there being harsh on you and I'm not apologizing :))
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