Friday, December 17, 2010

Expectations

A serious mistake here : in the middle of a strong move and after some green bars, I believed it was time for a retracement. I went contra-trend and...I lost 7,6 pips. I had the  "honesty" to accept my fault relatively quickly and then I entered in the right direction and got the pips back.

I wrote this a million times before : Our beliefs, expectations, assumptions are the perfect way to perdition, especially when trading. What every zen monk knows very well.

2 comments:

$parrow FX said...

Dear Forexbird,

I see that you added a BB on your chart since a few month. May I ask you if you use it as a possible turning point for prices during ascending supports ? or is it just a general visual support ? Maybe for something else ?

Even if I follow you for a while now, I am still very impressed by all the experience you're able to share.
Thanks for your help and generosity,
Sparrow FX

Ajmal said...

There are so much expectations that we have for the market but still it rarely gets fulfilled and fortunately when it does not we end up in deep trouble. I mostly keep my option safe and secure thanks to OctaFX broker, it is due to their rebate service that gives me 15 USD profit per lot size trade so even a losing trade is not so bad for me and I can be fearless with going on the expectations of the market.