Well, the 'mistake' trade I put on this morning is working out ok, so far I'm up about 40 + 29 = 69 pips, I'm fighting the urge to buy another lot as it is advancing but history shows these 'impulse' buys can take away more pips than you may gain if it goes against you.
(Self: make sure you read this regularly!)
For eg.
I have 70 pips up my sleeve, if I buy in now and it goes against me 20 pips, I not only lose 40 of my 70 but also 20 I didn't have!
The other side to this is if I don;t buy in I am really only missing out on 20 pips if it goes in my favour that far, I will still be getting 40 on my original position.
The strategy which I plan to employ then is to wait for the correction to bounce, then pounce
(Self: make sure you read this regularly!)
For eg.
I have 70 pips up my sleeve, if I buy in now and it goes against me 20 pips, I not only lose 40 of my 70 but also 20 I didn't have!
The other side to this is if I don;t buy in I am really only missing out on 20 pips if it goes in my favour that far, I will still be getting 40 on my original position.
The strategy which I plan to employ then is to wait for the correction to bounce, then pounce