Weekly Case Studies - Path To Earn A Full Time Income Trading Forex
Gave up ?
Loosing some trades is nothing to be ashamed of
Case Study #1 – Why You Should Let Price Come To You
What Went Wrong #1
I had this trade yesterday night 19 of December 2012 going bullish after seeing somewhat 60/40 inverted hammer. Didn’t have the time to monitor as it is almost 2am Singapore time.
Lesson #1 - If you can’t monitor don’t open trade.
In this case, I didn’t let price come to me. I went in despite the fact that it was late and I assume price would reverse. Looking at the amount of stop hunts the market makers have done.
At last after I woke up on the 20 of December 2012. I found out that I didn’t set any stoploss and price ate 4% of my trading capital. Ouch!
What Should You Had Done
If worst case, you decide to hold on as price always shows more volatility then needed. The image below shows where you should had gotten out.
Well I guess this is part of parcel of trading, but to have sustain loss more then I should, cannot be forgiven.
Like what you read? I have more of this coming soon. Let's see if the market moves during the holiday season.
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Hey,
After a few years apart I decide to re visit my path with forex-TSD and update my case studies just in case my blog gone kapoo. Now I am a student of Steve Mauro, Martin Cole. Lance Beggs and Al Brooks. Only using 10 EMA and support and resistance and candlestick and price action. Today I shall post this week trade that I had lost. Both of which are stupid and senseless.