Wednesday, September 9, 2009

Mistake of the month

I entered long on this, while price was making a round top. Several signs were there to show that price was reversing : lower highs, moving averages sloping down, descending triangle formation, CCI, you name it. I refused to close. When the strong support was finally broken, I was looking at the chart helpless, petrified from my stupidity.. Price went to -30, then I was lucky to close the drama at -11, at the 50% correction of the move down...

When I started forex 4 years ago, I used to commit such a crime once a day. Now, it's once a month. That means evolution of the human kind...

3 comments:

Harvey said...

Congrats on your evolution. When I began trading I made a mistake of not closing my loss quickly and it cost me a few thousand $. Then I crawled my way back to the positive. But I didn't change my habits and the next one cost me 3 times the original loss! In addition I couldn't responsibly afford either loss. Those past events caused a huge psychological wound that I've been working toward healing the past few years. After reading your past blog posts I'm impressed how you can take your hits and keep on moving without hesitation.

The Supa-Dupa! said...

Thanks for posting this one

Nesham said...

It is important that we learn from these mistakes, as it is obvious that no one is perfect, so the winner is only one who accept this fact and try to work out good plans in next battle taking points from previous losses. I struggled in start and lost quite a lot like you guys, but good part was that I got hit when I was at my weakest in financial, so at least I never loss too much. Now I am in settle zone making good profits with big investment with OctaFX broker, as they too have helped with giving 50% bonus.