Open trading account
Yesterday I got a wrong trade on Silver which finally lost momentum crashing down (I was buying....). The mistake was in entering the trade and leaving it to its destiny thinking it would have not moved a lot until next week. Few hours later I come back on chart and the trade was already in deep loss. First reaction was to enlarge the stop loss, but few moments later I decided to cut it.
Here's the outcome:
I was not really sure if price was to keep falling down or to stuck near the area where I closed it, so I started watching for opportunities to recover that loss since was too much for me wasting all daily profits in just 1 trade. I came to GBPUSD and price was exactly where I bought in the morning. The reaction was blindly buy with the whole account.
Here's the outcome:
Lessons:
Here's the outcome:
I was not really sure if price was to keep falling down or to stuck near the area where I closed it, so I started watching for opportunities to recover that loss since was too much for me wasting all daily profits in just 1 trade. I came to GBPUSD and price was exactly where I bought in the morning. The reaction was blindly buy with the whole account.
Here's the outcome:
Lessons:
- Use tighter stops... no matter what!
- If a trade opportunity looks suspicious... it probably is!
- Focus on a realistic target and let the trade go for it.
- Move stop @Be asap. At worst... you can re-enter near same level IF SAME CONDITIONS ARE MET!!
