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Originally Posted by RazorX
I think I should get a rifle and shoot myself - not because I'm depressed, but because I was stupid... and broke the rules. These factors combined calls for execution. However I have decided it is worse punishment to keep living.
See what happened was that after doing quite well in Demo forex trading for 6 months I decided to go live. Yay. Started with $1000. First week made $47 net. Great. Today I wiped out 12% of my account. Not smart. This happened because (Apart from the trades going against me which is obvious) but because I failed to put on a stop loss (Rule 1), then when I saw the trade was going badly I didn't want to close it so I watched. Eventually the market turned down again and so I put on another sell (So that's two) What happens? Yep the market immediately got nasty and turned upwards again.
Anyways after it breached the resistance level I set up I finally closed my eyes and closed the trades. Two big losses and a lesson well learned. I seriously think when Arco opens up membership again I need to join his blog.
Comments and queries please feel free.
BTW it was on the GBPUSD which is ranging at the moment so I shouldn't have been trading it anyways. (3rd rule broken)
Well done on learning your first harsh lesson.
Stop losses are like training wheels on a bike, seems unnecessary at the time, but stops you from falling!
Next time, set a stop loss just below a previous support level, & remove all emotion from the decision to bail.
Trust me, you will look back on this in 12 months & will have learnt a "cheap" lesson.
Good luck for your future trading
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Thanks Shasta.
(I finally got that blasted image to post properly. Oh and that chart is a 1 hour - I was trading off the 15 min so there were a few more reds where I entered the second trade. In hindsight this was a very dumbass place to short.) *Shakes head at myself*
No more forex for me this week - I have an exam and I think I've done enough damage for one week.
Last edited by RazorX; 16-02-2010 at 08:51 PM.
"Contrariwise", continued Tweedledee, "If it was so, it might be; and if it were so, it would be; but as it isn't, it ain't.
"Today is already the tomorrow which the bad economist yesterday urged us to ignore" H Hazlitt
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"What happens? Yep the market immediately got nasty and turned upwards again. "
As I was saying,also let the trade come to you.
Cheers
Miner
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Aye patience is good. (Incidentally the price where those trades I got bombed out on reversed about a hundred pips later and overnight it dropped and hit where my take profit would have been. How unfair is that? lol )
Anyway's I got 3 good scalps, and an overnight trade on the AUDJPY lastnight. The overnighter made 850 odd pips (Or 85 pips because my broker goes to 5 points instead of 4.) It made my balance look a little healthier. Looking at joining Arco's membership as I think the cost of the monthly fee should make itself up. It will take some stress off me and give me more time to learn about the market.
"Contrariwise", continued Tweedledee, "If it was so, it might be; and if it were so, it would be; but as it isn't, it ain't.
"Today is already the tomorrow which the bad economist yesterday urged us to ignore" H Hazlitt
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Junior Member
I've found these guys helpfull http://www.informedtrades.com/forum.php
Cheers,
T
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Hi Timo
Thanks for that link. They have a big forum, looks like lots of interesting info.
Cheers
Razor
"Contrariwise", continued Tweedledee, "If it was so, it might be; and if it were so, it would be; but as it isn't, it ain't.
"Today is already the tomorrow which the bad economist yesterday urged us to ignore" H Hazlitt
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