Well, it's the beginning of another week (or actually yesterday was!) and I'm back checking out the forex charts and keeping an eye on the time again - checking for 4 hour Zingo trades!
Yesterday there were no Zingo's, but I still had a Range trade on the USDCHF (that's the US dollare and Swiss Franc pair) from Friday. Monday morning came, the markets opened and within a few hours my trade had gone the wrong way - again! Fortunately I'd moved my stop loss to break even so didn't lose any money at least.
However, I did realise on looking back that the other two Range trades that I'd had on on Friday, that I would have taken profit if I'd had my stop loss at 50% as recommended. Hmmmmm I had it at about 15% on both. Now hang on, I know - why?
Well it was because the trainer who has been doing the training videos for the Range trade (and has been trading Ranges for about 10 years very successfully) said that she often stops them at about 10% if they go inside the Range and I remembered that when I looked at how many pips it was back to the 50% level! I got scared and set my stop loss at the closer point just in case - and just in case happened. But only because I got scared!
Now there's a lesson learned - again. Man, this is so not easy!
Tuesday, June 15, 2010
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