This isn't how it was suppose to go :(
Haha ;) But it's the game. Mustn't hate the other players (for selling, when I bought).
Very good reasons to sell EURUSD were:
- Greece debt rating weighing on sentiment
- Brilliant jobless numbers in the US
- A run-up that was really impressive
- Arab concrete desert aka Dubai
Now we're at 1.47. I bought (!) at 1.50 (average).
Weird is: I can't bring myself to sell EURUSD. But I'll have to, otherwise I'll get a margin call Friday as I'm allowed 33:1 leverage over weekends but 100:1 during week.
All I have to consider now is:
- Do I sell whole lot (3 lots) and realize the loss
- Sell 1 lot so that I'm clear for the weekend
- Give up FX (!) :)
I'd love to tell myself the market overreacted to this crumby little Dubai and Greece. But then again I'm pretty sure US isn't as bad as everyone is making out.
Sentiment has changed. The stock market is fair value + 20% I reckon (based on Jeremy Grantham at GMO). The dollar could see another upmove by 4-5% by x-mas. Which would wipe me out.
Hm. I don't know. I really don't. Take what I have left and run and come back after x-mas might be smart. But I'm not very smart :D
Will you ever trade without a hard stop again?
ReplyDeleteDisturbing as it is; yes.
ReplyDeleteLOL
ReplyDeleteWell I don't want to offer an opinion on your position. So I won't.
I traded without a mechanical stop before, and held a position beyond my mental stop.
It cost me over $3000 dollars.
That was 4 or 5 years ago. I have never traded without the mechanical stop since.
A trader without capital is just another guy looking for a job.
I shall try and heed your advice on future trades. Makes sense.
ReplyDeleteAnd probably also keep out of news times the big lesson. Or immediately just cut off any loss if news is big surprise as chances are big the move keep going (especially when "overbought" like EURUSD was).
=(
ReplyDeleteLike Solfest, I gotta force myself to use a hard stop too.
It's not really such an issue what will happen with this loss of 9k and where will USD go.
ReplyDeleteBigger thing to consider is do you realise that you average a lot and walk on edge in majority of your trades and if they go your way you take 1-5 pips of profit. That way of trading is doomed, I know that because I lost many times with that kind of averaging. Difference is that I know that it's not a way to trade even if I do it.
If you want to scalp then scalp, if you want to position trade then do that, but not with full lots.
FX: Yes, I think you're right. It's daft what I'm doing now. :)
ReplyDelete