I took my biggest hit since trading forex today on a single currency. Lost 132 pips over 2days on the GBP. Average price of 1.6746 and got out at the absolute low point of the day today at 1.6614 Losing 100+ pips always hurts, but what hurts with this trade is that i traded a size higher than normal because the day before I had my best day and thought i could take the risk. Luckily Im break even for the week so far. So basically I had a rollercoaster of emotions for nothing. Now i want the GBP to go to 1.62 just so i can feel better, but knowing my luck, tonight when i sleep,something will happen and i will wake up to see GBP at 1.69 But hey...we cant win everyday. Gotta take some losers with the winners i guess.
Hi piel I know how you feel I have taken my biggest losses after trading well and then stepping up my size. For me I think this is when I get that cant lose attitude and dont stick to my rules.I am not trying to critsize just letting you know what happened to me when I get cocky. Phil
Yeah i know thats totally it. The day before, it was like I placed an order and it instantly went my way. You do that 10 or 15 times in a row and you feel like you can do no wrong. And its like i knew that GBP was going to be a bad trade, but I wanted to take the chance that it would come back in a few hours. And of course...look what has happened since i made this post. GBP is up 20 pips, just like i knew it would if i dumped it. <grrr>
Hi peil You are still at breakeven for the week so it was a cheap lesson. you can always get back in with a fresh perspective. Phil
yeah...im getting in now. Already got a few pips back although at this smaller size I really have to work at it now.
I would try to look at it as a new trade a forget what happened with your earlier trade. Good trading Phil
Wow! What a stroke of luck. I went short last night before i went to bed the EUR and the GBP. (short the GBP at 1.6636 and short the EUR at 1.4901) I woke up because i had to pee really bad and figured why not check the forex, although i didnt plan to check it until around 5:30or 6 am PST (its 4:18am when i checked.) I was as shocked to see I had made 154 pips in the GBP and another 73 pips in the EUR for a total of 227 pips! I liquidated right away because i was so excited and too tired to examine my position, but it looks like i already left another 30 pips on the table as i write this. I cant complain...I made everything back that i lost yesterday and then some. And i did it with a smaller size. I was expecting it was goingto take at least a week to get that loss back. Sometimes its good to get lucky.
Yeah...I suppose i cant always sell at the top and buy at the low. (although in my losing trades it always seems like i buy at the top and sell at the low)