I知 still new to trading so I知 trying to get the right psychological mind set for this.
I made a trade yesterday by shorting USD/CAD. The mistake (and I知 not sure how to fix this yet) was the Stop Limit (SL) was 80 pips. The reason I kept it so much is because I have seen high volatilities in this currency pair before and have hit SL before. Please note that I didn稚 put more than 5% of account equity at stake (on this trade or any other trade)
I placed a trade of two lots and it went against me. After that I got into position knowing that now I have a sell signal. But I exited that position out right away (without any loss) because in my mind, I was feeling that I知 doing revenge trading. That is against my rule and I知 glad to have develop a discipline of not doing this.
I知 actually looking for any tips comments from some of the experienced traders here if they can give me some input. The age old question is still there for when to TP or SL but more than that, I知 wondering if there is anything wrong with my Money Management?
Any comments or your own experience would help when you were still in the stage that I知 in right now.
Thanks
I made a trade yesterday by shorting USD/CAD. The mistake (and I知 not sure how to fix this yet) was the Stop Limit (SL) was 80 pips. The reason I kept it so much is because I have seen high volatilities in this currency pair before and have hit SL before. Please note that I didn稚 put more than 5% of account equity at stake (on this trade or any other trade)
I placed a trade of two lots and it went against me. After that I got into position knowing that now I have a sell signal. But I exited that position out right away (without any loss) because in my mind, I was feeling that I知 doing revenge trading. That is against my rule and I知 glad to have develop a discipline of not doing this.
I知 actually looking for any tips comments from some of the experienced traders here if they can give me some input. The age old question is still there for when to TP or SL but more than that, I知 wondering if there is anything wrong with my Money Management?
Any comments or your own experience would help when you were still in the stage that I知 in right now.
Thanks