Friday, April 16, 2010

Thrills

On the first trade, I was short and around break even when, at 13:06:05 precisely, sudden news came out from NY and price moved fastly against me. My stop was at -5 pips but was filled with slippage, at -12. Surprised, it took me 12 seconds to be convinced about the strength of the move and re-enter long, just in time to grab 22 pips and breath again. Then I had some smaller gains, as the big guys were taking profits...VERY risky and very consuming..

Forex is often a lot more risky than the worst, suckers oriented, casino game.. Without this slipped stop, I would be served a -60 pips loss, in no time...Ended the day with a +26.

3 comments:

Sparrow FX said...

Dear Forexbird,

I just read ALL your blog like I read one of my favorite books. You did an estonishing job. I never read something that inspiring and I had to thank you.

I am only at the beginning of this long long way that will be full of euphoria and pain, but I know much better what is waiting there for me now.

I thank you once more for this kind experience sharing. I wish you all the best.

Sparrow FX.

(my scene name is just a way to pay back what I learned here, but don't get me wrong, I am not looking for a Guru ;-)

The forexbird said...

Sparrow Fx, thank you for the kind words,

the only reason i continue this blog, is to help or inspire someone, like you. i will never charge you for this -). I am not a guru, I hate gurus, i never had one. All we can do is a LONELY trip to limit ignorance, within human capabilities..

Amjad said...

One got to be careful about when we go into any trades, it is often that trying to seek 5-10 pips, we end up throwing 50-60 pips, it is important not to get into such zone or else it can be really frustrating. I am lucky enough to have broker of OctaFX standards since through their epic setup, I am always performing pretty well through the rebate program that’s present which gives me nearly 50% back on all trading orders including losing ones.