Hi there,
I've been visiting this forum for quite some time (best Forex site around!!!), but it's my first post here ... so hopefully it's not a dum question
Ok, here's the deal ... 2 weeks ago I entered a long position on the eur/usd. I entered way too high, but being sure that the trend was upwards, I started to scale-in ... had some big drawdowns, but eventually it went up again ... pretty good even!
Now I was a bit nervous this afternoon (morning for US people, I live in Belgium) with the numbers coming out ... so I figured out that I didn't want to go in negative territory again. I figured: I'll put my SL on my open (scale-in) positions on breakeven, and start a hedge if the EUR/USD goes down, so I don't loose my profits ...
As anticipated the news-releases meant down for me, so I opened up a hedge trade. But against my own plan I closed my open positions, meaning that I was now in the market only with my hedge position.
As you all know, the euro quickly reversed, and triggered my SL on my hedge position, but my original positions weren't in the market anymore ...
So a) I lost on not having my open positions open anymore, disabling any further profits and b) my hedge-position was closed out at SL ...
Now, I initially thought I did wrong, because I didn't stick to my original plan, but now afterwards it shows that the euro didn't rebound as powerfull as I thought.
Should I've stayed in the market, or did I do good?
I wrote down the whole story on my blog, for those interested ...
http://www.forexnation.net/forexblog.aspx
Tx for any comments!
Greetingz,
Koen<
I've been visiting this forum for quite some time (best Forex site around!!!), but it's my first post here ... so hopefully it's not a dum question
Ok, here's the deal ... 2 weeks ago I entered a long position on the eur/usd. I entered way too high, but being sure that the trend was upwards, I started to scale-in ... had some big drawdowns, but eventually it went up again ... pretty good even!
Now I was a bit nervous this afternoon (morning for US people, I live in Belgium) with the numbers coming out ... so I figured out that I didn't want to go in negative territory again. I figured: I'll put my SL on my open (scale-in) positions on breakeven, and start a hedge if the EUR/USD goes down, so I don't loose my profits ...
As anticipated the news-releases meant down for me, so I opened up a hedge trade. But against my own plan I closed my open positions, meaning that I was now in the market only with my hedge position.
As you all know, the euro quickly reversed, and triggered my SL on my hedge position, but my original positions weren't in the market anymore ...
So a) I lost on not having my open positions open anymore, disabling any further profits and b) my hedge-position was closed out at SL ...
Now, I initially thought I did wrong, because I didn't stick to my original plan, but now afterwards it shows that the euro didn't rebound as powerfull as I thought.
Should I've stayed in the market, or did I do good?
I wrote down the whole story on my blog, for those interested ...
http://www.forexnation.net/forexblog.aspx
Tx for any comments!
Greetingz,
Koen<