Yesterday was the first trading day for the new Contest and unfortunately I was stopped out on my long GBP/AUD position, but what's even worst is that I got a margin call. There were several events that lead to this catastrophic result and mainly was due to the fact that I lost my internet connection right after the New York session come in and it was at the moment when the market started moving against me, and I was unable to mange my position and even to watch what the market is doing.

I don't want to look like I'm trying to blame it on my internet connection but if that wouldn't happen I most likely would have had the chance to cut my loss. But the worst part was that after I took this loss I did a revenge trading which for sure is to be blamed on me. Although at the beginning the second position went in my direction by more than 60 pips it reversed hard after that and got my second margin call. First day of trading and I'm already down 80%

Now lets come back at the reasons behind this trade, as you probably know if you were following my blog I'm bullish GBP and you can find my view on GBP here, and at the same time I'm bearish AUD and you can find my my view on AUD here. By trading this cross I was trying to get full advantage on both GBP and AUD ideas, so it was more a synthetic trade for me.

Unfortunately I'll have to put too much time and effort to recover my Contest account which at this moment I don't have it because my focus is always on my live account. I guess I'll have to admit I was defeated for this month but certainly I'll come back next month.

Best Regards,
Daytrader21
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