well, not having a good time of it today.
Ive made some serious mistakes in my trading today - been revenge trading a bit - my first trade this morning went tits up against me and i just let it roll to -25
my second trade went -20
then i was in revenge mode - 'gotta get this back' kinda thinking
i ended up 62 pips in the red before i slapped myself with a wet haddock.
I went out, had lunch and a few beers and came back - since then ive managed to claw back 32 pips on small trades. and im now long cable from 1.7550 so i might just break even for the day by the time i finish.
very foolish.
tell ya what tho - if you'd have said 'cable will be at 1.75 in 2 weeks' you'd have been laughed out of any chatroom on the planet. Just shows that you canna predict the market (although i bet somebody did and for once in their life got it right lol)
ill finish this post at the end of the day
3 comments:
Happens to the best of us mate. I'm not sure if this is an advantage or a disadvantage, lets just call it an observation; when scalping/short-term trading, you _cannot_ allow your stops do drift against you. I put in a hard stop order on every single trade I enter. yes, sometimes I get spiked out, sometimes I get stopped it drops immediately after tapping my stop. However, 90% of the time, my stop gets hit because my expectation of the markets direction was incorrect. I just don't give myself the option of not following my stops. Take it for what its worth :)
he uses 6 + spread mate - he's on oanda so 10 pips inclusive of spread :)
soul, u're and admin over at moneytec, can u tell me how to setup a private group(thread), password protected and all that?
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