Was in a loser of a trade for hours. Already thinking about how to explain to my blog why I had done what wrong to lose 200$ (what it was showing me at one point). But then I got into a conversation with this girl on msn and while we were chatting for an hour the trade turned green suddenly. And I was able to clear it out bringing the day to +128$. Quite a relief! Good way to end the week psychologically. But as I write this it's at 1.4108. Arrrrgh!
pre-evening CET:
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The Mistakes:
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1. bought into a red candle
2. sold into a green candle,
3. price went where I initially expected it to, but I had sold already
4. took a short term (5-20min) trade with rational of medium term (1-2 hour) goal
5. bought in a sideways short term (5min chart) market
6. watched it go 60$ negative at one point and only took 51$ profit
7. risk reward during the trade was negative (if I took 10 such trades chances are I'd lose more than I make)
8. I was in the trade for 21minutes (yesterday most trades were round the minute or two mark)
9. I acted out of boredom I think
10. Mad at myself for closing the trade as it just keeps going where I imagined it would go
Remedies:
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1. Make sure I know what timeframe I'm looking for price to be reached in
2. Buy green candles
3. Sell red candles
4. Act when a breakout occurs or momentum is building
yes, chatting with a girl is always good. LOL!
ReplyDeleteHope you get back in sync with the market soon.
I think that's true :D BUT with me it's also often the case that I time my entries too early, have agony of watching it either move further in the counter-direction or just flatline - AND THEN when I've kind of lost hope and move out, it often moves 10-20 pips :D
ReplyDeleteBut I'm working on that, thanks to one of your posts aswell in which you stated buying red candles was big NO-GO. Or something along that line.
Thx :)