One of the thing is, apart from the losing experience, getting a winning experience is even more difficult actually. Most of the time, the winning trades are too mediocre to mention compared to losing trades which seems to be gigantic. Why can't it be the other way round?
In my opinion, riding profits are as scary as riding your losses since you can't afford to see a winning trade turns into a loser. Being too optimist or too hopeful will both kill you and your account. So how can we know when...
1. A losing trade will come back to our entry point?
2. A winning trade to keep on going till it gets tired?
3. Will the trade hit our TP or SL?
Can someone tell?
The reason I wrote this is due to 2 positions that I opened yesterday.
1. I had a winning buy position with UJ early in the morning and I quit at 40 pips in profits. The trade went all the way up to 200 pips. That was 160 pips LPO (Lost Profit Opportunity). Fine.
2. Later in the evening, I had a losing sell position with EU. I knew it from the moment the position was opened, but I just can't resist to give it a chance for it to come back and at least gave me 10 pips in profits. My stop loss was set at -100 pips and it went all the way up to -50 pips and stopped. It came back down to -15pips, I felt relief, but instead of escaping the position like I normally did before, I hope for it to go even further. But, the market never listened and it went back up to beyond -50. I have no choice. Giving it another chance to come back, I set the SL slightly above the 1st daily resistance and making my SL at -130 instead of -100. I shutdown the screen and went out, planning to come back after 4 hours.
After I returned, I took a deep breath and switch on the monitor. Bzzzzz! I felt like an electric shock, the trade has been closed and my balance is smaller than the last time I saw it.
I smiled and congratulate myself for making my point with the market. Now, I realized that quitting at -15pips 4 hours ago would be the best decision compared to this -130 pips. See, they have no mercy on me and I can never beat them. Luckily I set the SL. Otherwise, it went all the way up & it doesn't seem to come back, at least for the next few hours. Easy said than done, I have to eat the bullet now, oucchh, it hurts babe!
Ok now. After waiting for some retracement and analysing the probability, I opened a buy position with TP at 100 (1.4048) and SL at 100 (1.3848) as well. To be exact, I bought the EU pair at 1.3948.
At the time of writing, the position is at 40 pips in profit and the HI is at 1.3998 currently. Recalling my UJ experience yesterday, i decided to ride this one just to see what happen. Should I wait for it to hit my TP, or should I just close it? The daily bias seems going up.
Though it is hard for me to do this since usually I will take it, I make it a safe trade and setting my SL at ENTRY point and let the trade runs and see whether it will hit my TP or otherwise.
I shall update the result in my next post.
Update : Yes, I got it ! It hits my TP @ 1.4048 and went up another 90 pips at the time of writing. Phew! Yes, it was scary coz I put up 100k lot... that's 1k in the bank now...
Summary : It was a good decision not to go against the market today... thanks.
Weekly Summary :
Gain = 482 pips. Lost = 200pips. Nett = 282pips. Accuracy = 58.51%
TGIF.
No comments:
Post a Comment