Hope this helps
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DislikedHello everyone.
I had taken the cable long. which turned out to be in loss. Cable was in nice motion so i took the bounce off 89 , but got in around 8ma since the signal candle was long.
Now there is no such thing as system failure. The system is there to guide us. It is our own responsibility how to manage our trades. I found out today that no matter how good a set up looks the market can go the other way. I failed poorly at money management today. I kept hoping the the price was going to turn around and place a huge stop loss which got taken out . Please dont ask me where it was because i am trying to get over the loss and think am being brave enough to share it.( thankyou in advance)
BUT the moral of the trade is that no matter how good everything looks it is very important to have a sound money management in place. Now most of you will say, did she not already know that. it is one of the basic rules of forex.dont risk more than 2% to 3 % of your capital.how can she make such a mistake etc etc. Guess what i have been asking my self the same question, how can i be soooo stupid and un diciplined. It just goes to show how easy it can be for someone even like me who tries to stay within the rules as much as possible to lose control in an out of control market. I hope some one will learn from my mistake including myself.
Anyone is welcome to comment or add to this experience. its all part of learning. Thankyou for listening,
NAdia.
Ok now looking forward for to the next possible high probability trade.Ignored
DislikedHello everyone.
I had taken the cable long. which turned out to be in loss. Cable was in nice motion so i took the bounce off 89 , but got in around 8ma since the signal candle was long.
Now there is no such thing as system failure. The system is there to guide us. It is our own responsibility how to manage our trades. I found out today that no matter how good a set up looks the market can go the other way. I failed poorly at money management today. I kept hoping the the price was going to turn around and place a huge stop loss which got taken out . Please dont ask me where it was because i am trying to get over the loss and think am being brave enough to share it.( thankyou in advance)
BUT the moral of the trade is that no matter how good everything looks it is very important to have a sound money management in place. Now most of you will say, did she not already know that. it is one of the basic rules of forex.dont risk more than 2% to 3 % of your capital.how can she make such a mistake etc etc. Guess what i have been asking my self the same question, how can i be soooo stupid and un diciplined. It just goes to show how easy it can be for someone even like me who tries to stay within the rules as much as possible to lose control in an out of control market. I hope some one will learn from my mistake including myself.
Anyone is welcome to comment or add to this experience. its all part of learning. Thankyou for listening,
NAdia.
Ok now looking forward for to the next possible high probability trade.Ignored
DislikedNadia:
If you ask me, admitting to a loss just gains respect, at least from me it does. Knowing that the market has the last say so is part of it as well. It's easy to bend the rules a little when you 'think' that the market is going to do something even though the set-up isn't quite there yet. We've all taken our beatings along the way but I think those are good everyone once in a while. It helps build discipline and patience. That's why I think losses are good every once in a while, they help keep you focused the next time around.Ignored
DislikedThankyou for your support and replies my friends.I guess loss and especially dealing with it is all part of growing in forex.
After posting my loss i opened the book ."Trading in the zone". because long overdue to finish it. I randomly opened a page and guess what.It opened up on chapter 3, page 38, and in bold writing it said REACTING TO LOSS. I am not kidding. so been reading it since then. Thanks again.
Nadia.
P.S. also thankyou to my friends on skype.!!!Ignored
DislikedAnyone managed to download the pdf and mp3? I still can't download it.. Can someone posted on the forum as attachments?Ignored