your post from 11/8 sounds a like I could have written it today!
had a disastrous day as I wrongly believed that today's US news would have little impact - well, the news was quite a bit worse than expected but I deserve little sympathy as I managed to make it about all the worst mistakes possible just in handling that one GBP short position:
1) poor entry not sufficiently backed up by signals
2) gambled 2 lots based on false sense purpose which soon became hope only
3) when it went against me I missed 2 opportunities to close at b/e over 2 days, once because greed set in and I hoped to still make a profit
4) as price again went close to my entry, I moved the SL close also, but then as it reversed I moved the SL further away again thinking I could ride out another temporary reversal and then get a 3rd chance to close. That was just when the news hit and I got punished with a $1780 loss!
Why do we ignore all the standard advice??? and obviously have to make the same mistakes more than once before we (hopefully) learn for good? I guess 90% return on new account after < 3 weeks make me feel invincible like you said. Most ironically, my main goal this week was to calm things down and improve discipline... fool!
Overall, I am still ok though, now after exactly 3 weeks of live trading I am 48% up on my starting balance.
Good luck to you for the rest of the week - onwards and upwards
had a disastrous day as I wrongly believed that today's US news would have little impact - well, the news was quite a bit worse than expected but I deserve little sympathy as I managed to make it about all the worst mistakes possible just in handling that one GBP short position:
1) poor entry not sufficiently backed up by signals
2) gambled 2 lots based on false sense purpose which soon became hope only
3) when it went against me I missed 2 opportunities to close at b/e over 2 days, once because greed set in and I hoped to still make a profit
4) as price again went close to my entry, I moved the SL close also, but then as it reversed I moved the SL further away again thinking I could ride out another temporary reversal and then get a 3rd chance to close. That was just when the news hit and I got punished with a $1780 loss!
Why do we ignore all the standard advice??? and obviously have to make the same mistakes more than once before we (hopefully) learn for good? I guess 90% return on new account after < 3 weeks make me feel invincible like you said. Most ironically, my main goal this week was to calm things down and improve discipline... fool!
Overall, I am still ok though, now after exactly 3 weeks of live trading I am 48% up on my starting balance.
Good luck to you for the rest of the week - onwards and upwards
Consistency and patience is everything