Hey! yellow news...???

I just got up from my sick bed and nearly suffered a heart attack after seeing what happened a few hours earlier! I lost badly on a GBP long position with a SL @ 8910 which I never imagined being broken - at least not today.

Now, I got only myself to blame, but am wondering about that Philly thing having been marked a tame yellow in the calendar- any thoughts? Or was today totally exceptional?

Talking of exceptional, after my first post full of confidence, the past week has not been kind to me and I am wondering whether it really was merely beginners luck or my trend system is rubbish as it gets thrown out by all these shock moves.

So, as someone who has only been following FX for 10 weeks, are we in an exceptionally volatile period right now or is it always like this?

Looking forward to replies

Geldmeister,

The heavy weight of existing long positions in the market with bad number over night and higher than expected philly number lead to the sharp corretion.


turbo

Geldmeister,

Hopefully you are still very much in the TEST mode with your system. You will find that even the best systems will have a draw down. You will have a run of losing trades at times.

DON'T PANIC!!!

Keep testing your system. This is one of many problems that newbies have. They do well, and then a few losses blow their mind, and they completely change everything that they are doing.

Learn from your losses.

1) Why did you get into the trade? Did your system absolutely tell you to, or did you get impatient?

2) What was your trade management? Was it flawed, did you not have a good trade plan? (It is very easy to get into the market, much more difficult to get out of it with profit)

3) Did you practice good money management according to your tolerance? (This varies....please don't adapt others risk and money management ideas to your trading. Develop your own.)

These are just a few questions that may help you. And yes this is a volatile market, don't trade hoping you are right, do your homework and know that you are right and then enter the market.

So much more to learn, but as long as you take responsibility for your trades, learn from each trade, and keep asking questions, you will be alright.

Thanks for listening

DC

LOL! yeah everyone was pretty surprised by the news, see this thread...
http://www.forexfactory.com/forexfor...ead.php?t=7152

oh, and while your at it, read this one too
http://www.forexfactory.com/disclaimer.htm