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Just wanna share with you my forex trade experience yesterday on the GBP/USD.
If you look at the chart, you will see for little triangles pointing down. Those indicate short entries that I made along the way. You can see that I was confidently building up positions shorting the GBP/USD for a total of four times. My average entry for the four trades were at 1.6040.
If you look further to the right you will see a little red dot which was where I was unfortunately stopped out of the trade at +20 pips.
So why am I complaining about a winning trade? Well, what happened was I expected this move to go to at least 1.5940 OR lower. You see, I had a badminton game to attend and what I thought was I will move my Stop Loss to cover at least +20 pips since there will be a news release during my badminton game and I wouldn't be able to watch the markets. This was when my trades were nicely hovering at 1.5970 area which was roughly about +70 pips. I refused to take a portion of my positions out as I really believed that prices would head to 1.5940 OR lower (at time of writing this now prices did touch 1.5900).
And as you can see, after the news release, prices went up all the way, hitting my stop loss at +20 pips and then slowly reversed to the 1.5900s which would have given me a profit of roughly +140 pips! Seven times what I ended up with!
So you can see how costly this badminton game was. In hindsight, I could have done a few things:
1. Not play badminton (which was not my top choice)
2. Taken out some profits first since I would not be there during news (ok choice but the momentum for the trade was really building up)
3. Adjust my Stop Loss to where price levels formed a Strong Resistance instead of my price level of +20 pips (which would have kept me in the trade).
Oh well, at least I had a good time exercising. As they all say, the market will always be there as long as we live to trade another day.
Happy Trading,
Leo
10 comments:
Nice sharing.I also love to play with GBP/USD.See more green pips..
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Hey,
You have not been updating your blog!
Jennifer
Bring a laptop next time with your forex charts running, by then while playing badminton, you can check it once for a while or try binary options trading.
Nice post! Thanks:)
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Thanks for sharing your ideas.
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