Open trading account 
Hello DFC,
Great loss for me this Friday, on a beginner´s mistake of changing my trading plan and stop loss in the middle of the trade.
I´m the first one to say to try to avoid this kind of behavior, because most of the times you will only lose more then the expected messing around with your risk and money management, a really bad idea!
Nevertheless, still alive and a few more days to trade until my next travel, hope to make it worthy.
Bellow, is the trade in a counter trend, making a pull back and the two different SLs, the original (1) and the changed one (2).
As you may have guessed, the trade was a tentative of a fast scalp on the closing of the market, but it turned around on me, hitting the SL. Changing the SL went completely against the initial plan for the trade which was a fast scalp and I was in profit, but decided not to close, bad mistake, losing half of the month´s profit, ridiculous risk management!
Sometimes the excess of confidence, since I was coming from a nice positive streak of 79% correct trades, I let my ego take the best of my trade.
There are no miracles, right? We will always lose a few trades, but messing with the risk management is serious business and in fact I believe is one of the greatest reasons for failing in the Forex market.
Lesson learned!
Good trades to us all!
Cheers
Great loss for me this Friday, on a beginner´s mistake of changing my trading plan and stop loss in the middle of the trade.
I´m the first one to say to try to avoid this kind of behavior, because most of the times you will only lose more then the expected messing around with your risk and money management, a really bad idea!
Nevertheless, still alive and a few more days to trade until my next travel, hope to make it worthy.
Bellow, is the trade in a counter trend, making a pull back and the two different SLs, the original (1) and the changed one (2).
As you may have guessed, the trade was a tentative of a fast scalp on the closing of the market, but it turned around on me, hitting the SL. Changing the SL went completely against the initial plan for the trade which was a fast scalp and I was in profit, but decided not to close, bad mistake, losing half of the month´s profit, ridiculous risk management!
Sometimes the excess of confidence, since I was coming from a nice positive streak of 79% correct trades, I let my ego take the best of my trade.
There are no miracles, right? We will always lose a few trades, but messing with the risk management is serious business and in fact I believe is one of the greatest reasons for failing in the Forex market.
Lesson learned!
Good trades to us all!
Cheers
