Trading lessons:
First , this is my TE with 2 significant drawdowns:
Posted on EURUSDD thread on 20140726:
http://www.forexfactory.com/showthre...83#post7631883
reflecting on my drawdown in Jun-July 2014.
Hi FF traders. been away from trading for almost a month.
reflecting on some of my bad trade decisions.
my mind was too occupied with my positions in red that i wanted torecover it too soon.
operating too large a position in a TF that is too small, which led to larger losses.
Gracious FXSayWhat shared his comments:
http://www.forexfactory.com/showthre...23#post7633823
Vector, thanks for bringing up your own charts as a sample to prove my point. You had a solid system and i am sure if you figure out what happened in the last couple trades and improve, you would do just fine and consistent.
Although I wouldn't promote your latest trading decisions on the DD recovery, I would still congrats you that you are almost back on your feet again.
I do had my reasons to sit on that short position for over a month, I was very sure that EURUSD was heading south on a monthly TF at least. That was the major force and while waiting for it to become dominant, I had withdrawn from the market for almost a month.
I had a successful period of trading for about 3 weeks. as shown in my TE. I came across some new ideas that caused questions in my judgement and the rhythm in my trading. While i was sure of a pull back was to come, I noticed that the bulls are really pretty weak in their attempts.
I was sitting on a long position that was about 40% of my total exposure, at a time when there had been less-than-obvious signs of the pull back was over and i was totally unaware of the financial news events, that triggered the market to move south.
I was not using any stops.
I had problem managing the drawdown. I hoped market would go up again. I increased my leverage to try to scalp upwards. Both these are not the the real problem. That problem was that I lost direction again and become unaware of what the market is doing / telling me.
In hindsight, the market was clear at two moments that it wants to go down further:
1: first time (20.08.14 2300) was when market tried to reach above 1.3300, at 1.32974 it was met with violent sells.
2: another attempt (23.08.14 1426) to make 1.3300, another forceful sell at 1.32967, a lower high.
On H1 it looks like this:
In reflection , what I should have done was to forget what position i was holding. calm down.
accept there has been a mistake made, and a loss as a due punishment.
the only target is not to justify the mistake by doing it right again.
the only target is always to do it right ! gain or loss is not the target.
First , this is my TE with 2 significant drawdowns:
Posted on EURUSDD thread on 20140726:
http://www.forexfactory.com/showthre...83#post7631883
reflecting on my drawdown in Jun-July 2014.
Hi FF traders. been away from trading for almost a month.
reflecting on some of my bad trade decisions.
my mind was too occupied with my positions in red that i wanted torecover it too soon.
operating too large a position in a TF that is too small, which led to larger losses.
Gracious FXSayWhat shared his comments:
http://www.forexfactory.com/showthre...23#post7633823
Vector, thanks for bringing up your own charts as a sample to prove my point. You had a solid system and i am sure if you figure out what happened in the last couple trades and improve, you would do just fine and consistent.
Although I wouldn't promote your latest trading decisions on the DD recovery, I would still congrats you that you are almost back on your feet again.
I do had my reasons to sit on that short position for over a month, I was very sure that EURUSD was heading south on a monthly TF at least. That was the major force and while waiting for it to become dominant, I had withdrawn from the market for almost a month.
I had a successful period of trading for about 3 weeks. as shown in my TE. I came across some new ideas that caused questions in my judgement and the rhythm in my trading. While i was sure of a pull back was to come, I noticed that the bulls are really pretty weak in their attempts.
I was sitting on a long position that was about 40% of my total exposure, at a time when there had been less-than-obvious signs of the pull back was over and i was totally unaware of the financial news events, that triggered the market to move south.
I was not using any stops.
I had problem managing the drawdown. I hoped market would go up again. I increased my leverage to try to scalp upwards. Both these are not the the real problem. That problem was that I lost direction again and become unaware of what the market is doing / telling me.
In hindsight, the market was clear at two moments that it wants to go down further:
1: first time (20.08.14 2300) was when market tried to reach above 1.3300, at 1.32974 it was met with violent sells.
2: another attempt (23.08.14 1426) to make 1.3300, another forceful sell at 1.32967, a lower high.
On H1 it looks like this:
In reflection , what I should have done was to forget what position i was holding. calm down.
accept there has been a mistake made, and a loss as a due punishment.
the only target is not to justify the mistake by doing it right again.
the only target is always to do it right ! gain or loss is not the target.
