Monday, April 27, 2009
When things don't go so well.....
Well, the trades I told you about last week went okay, I just followed up with a stupid move. I entered a trade to Buy (Long trade) for a lot size of 0.10 slightly before I had to run off to work. The price was 1.3125 on the EurUsd. From the looks of it, a few minutes after I left it, the whole market went south. The only saving grace is that I had a trailing stop set to keep it from going too badly. All in all, I stopped out at 1.3057 for a $68 loss. So Wednesday, I did another Buy trade when the EURUSD was at 1.2937. Thinking of my $68 loss, I set my stop loss closer (15 pips this time), and watched my trade move up and up and up and.... actually it only moved up about 19 pips before it collapsed and I stopped out again. This time I gained $4 on the trade. I have to tell you I was not feeling like a big-time trader at this point. So, while it was falling, I placed a Sell order a few minutes into the reversal. With all the up and down over the next whole minute, I bailed and lost $6 on the sell. Later, on Wednesday, when I got home from work, I placed another trade for a Sell on the EURUSD at 1.3012. An hour later, things were not looking so good to I bailed for an $11 gain. I need a better system.
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