Oh wow!...Lesson:- I haven't set a "worst case" stop!! | Forex Factory

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Oh wow!...Lesson:- I haven't set a "worst case" stop!!

  • #1
  • First Post: Edited 5:19am Nov 24, 2006 4:28am | Edited 5:19am
First time in ages I haven't set a "worst case" stop. Down many many pips... ....wow!

Really, Really caught me out that one!
Bundy's status today: "Waiting..."
  • #2
  • Nov 24, 2006 4:29am Nov 24, 2006 4:29am
Quoting bundyraider
First time in ages I haven't set a "worst case" stop. Down many many pips... ....wow!

Really, Really caught me out that one!
i bet i have u beat........ yes this is not good , i am trading other pairs to make up the diffrence/.......
Ghost Swoopen in for my pips while no one is lookin !!
  • #3
  • Nov 24, 2006 4:33am Nov 24, 2006 4:33am
I know people who got burnt with 350 pips stops as they were shorting sterling below 1.90 2 weeks ago.
  • #4
  • Nov 24, 2006 4:36am Nov 24, 2006 4:36am
believe me...I know....:-(
CRAIGSLIST BARTERING CHAMPION
  • #5
  • Nov 24, 2006 4:39am Nov 24, 2006 4:39am
Quoting Ghostpipper
i bet i have u beat........ yes this is not good , i am trading other pairs to make up the diffrence/.......
Not even tryin'

Killed the possy after it retraced a little.

I'm still stunned. I'd had a couple of scotch & cokes after work tonight. First time in a long while too. Wasn't expecting to do much "managing" LOL

Far out man!!

Lesson learnt. ...again!! heh heh
Bundy's status today: "Waiting..."
  • #6
  • Nov 24, 2006 4:44am Nov 24, 2006 4:44am
when this happened back in april i just started trading

i remember watching GBP climb.."it will go back down" i said.

i stayed up till the wee morning...watching...first i was at 1hr charts..then 5 min...then 1 min..."see,...its going down" i told myself.

finally exited at god knows how many negative pips.
  • #7
  • Nov 24, 2006 4:52am Nov 24, 2006 4:52am
Quoting clam61
when this happened back in april i just started trading

i remember watching GBP climb.."it will go back down" i said.

i stayed up till the wee morning...watching...first i was at 1hr charts..then 5 min...then 1 min..."see,...its going down" i told myself.

finally exited at god knows how many negative pips.
Clam, You're conquering a major psychological hurdle there!

It's always good when you can admit things are going to the dogs and kill your trade without hesitation.

There's always tomorrow.

I lost out big on this one , but killed it when I got back and seen it.

There's no point in wishing for things to return to break even. You can always gain those pips back later!
Bundy's status today: "Waiting..."
  • #8
  • Nov 24, 2006 4:54am Nov 24, 2006 4:54am
If people survive today, fom next week should go down
  • #9
  • Nov 24, 2006 5:04am Nov 24, 2006 5:04am
Proof of how stubborn thoughts on the impending direction can bring you undone.

For some dumb reason I was expecting this possible break to happen after the new year. ....GOT TO keep other peoples opinions out of the equation.

...once again ...WOW!!!
Bundy's status today: "Waiting..."
  • #10
  • Nov 24, 2006 5:07am Nov 24, 2006 5:07am
Quoting trucco
If people survive today, fom next week should go down
I don't think so.... a couple a *bad* news for the $ are in the pipe for next week...
  • #11
  • Nov 24, 2006 5:08am Nov 24, 2006 5:08am
This is a big psychological problem with some traders they let the losses run and take profits too early. Once you get over this problem your trading should improve.

If you have lost alot take a break then come back don't try to take revenge on the market or you will get hurt big time.
  • #12
  • Nov 24, 2006 5:08am Nov 24, 2006 5:08am
Quoting clam61
when this happened back in april i just started trading

i remember watching GBP climb.."it will go back down" i said.

i stayed up till the wee morning...watching...first i was at 1hr charts..then 5 min...then 1 min..."see,...its going down" i told myself.

finally exited at god knows how many negative pips.
that happened to me too in april.
I had to sit out the whole rally, the whole time looking for a chance to short it. That was my first experience in a major trending market.
I went long the euro earlier. dont wanna go through the pain of missing out a major trend once more
  • #13
  • Nov 24, 2006 5:27am Nov 24, 2006 5:27am
I would rather miss a big move than be in it on the wrong side. I would also rather sit a big move out than be holding thinking it would come back.
  • #14
  • Nov 24, 2006 5:36am Nov 24, 2006 5:36am
Quoting darnell
I would rather miss a big move than be in it on the wrong side. I would also rather sit a big move out than be holding thinking it would come back.
Amen!

I was playing the pin bar on the Euro. Played the downside break of the inside bar at 12:00 GMT yesterday. Stop SHOULD HVE been 30 or so pips away to the high side. Got tooooo cocky!
Bundy's status today: "Waiting..."
  • #15
  • Nov 24, 2006 5:54am Nov 24, 2006 5:54am
maybe i should be clearer in my post,
i would rather trade on the same side of a big move than try to fade it,
and should my trade fail, at least i know i have my risk contained
  • #16
  • Last Post: Nov 24, 2006 10:37am Nov 24, 2006 10:37am
well one thing too is that after that i set my stops way too close, and i kept gettng stopped out to death.

bottom line is i learned to trade less, earn more, control risk, and relax about it.
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