DislikedHi Traders , Today was one of those days. Had to take a loss. Oh well , that's trading Forex. Before I had the luxury of joining Davit's thread , I would have held on to my UC trade for dear life. Wrong mindset back then. In my opinion , POTUS better have his key people coming out with an UNBELIEVABLY MASSIVE MARKET SHAKING PACKAGE , and , in hindsight , maybe he should have announced it last night. Oh well , smarter people than me make those decisions. I was LONG UC at S61 and S78 , 2 positions , EVEN THOUGH THE MASTER TREND IS DOWN. No pullbacks...Ignored
As my post stated , I had to take a loss today. That's trading. However , it's important to find out where you made your error if you can. Was my perspective off that day when I entered the trade , did I pay attention to my pivot's , did I pay attention to upcoming News , etc. In my particular case , I located my error. A misread of my 4HR and 1HR charts. Just one mistake that I should not have lost sight of. One detail , that was all it took. However , I'm sure that overconfidence had crept into my mental process as well. For me , Forex Trading is WAR and like Golf. YOU are the one who has to execute consistently and NOT let that ONE MENTAL ERROR cost you the battle. How many times have we seen Tiger Woods finish second in Tournaments that he should have won. ONE BAD SHOT , usually with the driver. One decision , leave the driver in the bag and use a 2 iron off the tee on the 18th hole so that accuracy was at a premium , virtually guaranteed.
I'm overjoyed that I cut my losses. I am posting my analysis so maybe I can help someone realize that he/she can be a successful trader. You will make mistakes on your journey , and the more experienced you become , hopefully , the fewer mistakes you will make. Just try your best to eliminate the STUPID MISTAKES. These are the one's that really irritate a trader.
"Define the risk OUT of your trade"--Mark Douglas