Tuesday, 23 June 2009

Maximum Pain






















Worst day ever. Just lost all that I had made in last month plus I gave up another 4'000.
So -4000 USD on the accounts initial paid in amount.

I guess I had it coming to me for several reasons:

1. Unable to take a loss via a system (i.e. 20pips) even though I have been preaching that myself
2. Got lucky 3 times with doubling, scaling in. But today the move was just too big to stomach. 200pips from initial sale I can not take mentally or size wise when there are no decent pullbacks. I was short 600k when I finally decided to cover!
3. Not listening to the chart: It was the most beautiful stable up trend I've seen in 4 weeks. And I was on the wrong side of it.

So I guess I'll be trading 50k lots from now on, because if I don't learn to control emotions won't be money left for long :S

An expensive lesson. One that I've been taught in other markets...

Edit: It's a good thing I went for a run to let steam off. I think I ran faster than in several weeks. Lot of anger at myself to decompress. Why? I had left for 20min when EURUSD was at 1.4010 and told myself I will have to reduce my size by 2-300k when I get back to desk. Then I come back and EURUSD is hovering around 1.4000 and I think: Hey looking better again. And from there onwards the rest was just pure hell. At 1.4038 I had another urge to cover but again thought, oh it will go back to 1.4000 surely. Covered the position at 1.4088. Day's high more or less. And now I wish I hadn't. Argh!

2 comments:

  1. That's painful! I don't know what to say that will make you feel better, FXPTrader...
    You'll make it back slowly...Start small

    ReplyDelete
  2. I'm telling myself the same thing. Small steps back, under no circumstances must I put in more margin and revenge trade with bigger sizes.

    The one positive is: I started one month ago and fell down 5000 USD quickly but made it back the next 2 days. But I'm not going to risk so much like I did last time to make it back so it could take me a while to claw back this time. I've paid for lacking discipline and stuborness after all now.

    Thanks for the encouragement :)

    ReplyDelete