Thursday, March 18, 2010

Anticipating, expecting, guessing

I came back one hour later. In the meantime price had retraced sharply to the 20 MA on the 15M chart, then resumed the down move. I entered late, close to previous low, a capital mistake, as i was sure of the strong bias, therefore a new leg down was almost due. I got an absolutely natural rebound in the face after my entry, I didn't close at -4 and price immediately approached the maximum loss i could support : 15 pips. The moment I was deciding to exit, euro made a red hook bar, started to go south again. Game saved with 14,5 pips gain!! I was very lucky this time. After 5 years in this market (enough time to get a PhD on other sciences..), I still commit newbie mistakes..


Black said...

lol, although it still happens, but i believe it is much rare for an experienced trader like u to commit newbie mistakes, afterall we're humans.

mind if i add u into my blogroll?

The forexbird said...

please do it!

Mustafa said...

I never really prefer the guess work, I believe we need to be certain or have logic to do something; it is highly risky if we are just going with guess work. I am lucky enough to be with OctaFX broker and with them, I am always getting huge benefits especially with their low spreads starting from just 0.2 pips while there is also high leverage up to 1.500, it all helps me trade easily while even if I am uncertain I can still risk it due to 50% cash back facility.