Monday, November 5, 2007
How to not trade.
I skipped easy entry at 9:52 and 165,90, then I was running again behind the price. Trade 1, at previous low break was ok (+10p). Then I felt I was missing a lot of this move (greed) and I re-shorted at 36 (trade 2), an immediate sharp retracement, and extended stop was hitted. -17p. Re-shorted (trade 3) at 47, but 200 EMA on the hourly was supporting price well. I felt that the complete reverse was imminent (fear). I closed one half at -5p, let the other to his fate.Price reached 80, averaging loss at -20, beyond my "strict" stoploss rules, I could not close this. Price finally dropped again and I closed this bloody half at +15, averaging trade at +5. So I risked 20 to win 5! Not a sparrow wise.
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2 comments:
You are right, 7:52 GMT was the time to go in EUR/JPY. Even at 7:10 we got a TrendLine break. I traded today EUR/JPY for my first time at 9:33 GMT (Trendline broken) and close at 165,10 for almost 50 pips but 1/2 lots less than usual because at that time I was -25 pips in Cable (At Crazy London Open). Final result: Break Even.
Hi, Constantino, EUR/JPY seems to behave smoother than Cable in the London Sesion. You may have found the best pair to trade....
David. Note: I'm working in the blog so we can share the trades and experiences....
I believe without tasting losses and learning not trading is actually a way of trading we will never be able to become complete traders. I am extremely pleased to work with OctaFX broker where I have learned all this because of regular practice whether it’s with their 8 USD no deposit bonus or various demo contest like cTrader and Champion out of which both has got solid prizes to make us even more motivated to work hard to collect knowledge.
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