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May 04

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Tuesday 4th May 2010 – Need to accept my risk and respect my Stop-Loss

A morning that if my mind was right in confidence should have been very profitable.

I took 3 trades off the table this morning as I convinced myself they were going to hit my stop-loss. They didn’t (only just) then the price went on to record nice continuations in the direction of my original position. Does this sound familiar to anyone ? So not a positive start to the month that I had hoped and planned for in my mind over the long weekend break.

Over the weekend I had decided to become a little more aggressive with my position entry which I did do this morning. I also decided that I would get out of a losing trade at first signs of “trouble” – which I did.  I think the later was a mistake on this occasion. I need to be able to differentiate between a trade going the wrong way and a the markets normal breathing. This gets me back to the stop-loss. When the trade was executed I have put in a stop-,loss where I believe that if the price moves past then I would deem the trade to be not within my rules anymore. The Stop-Loss today on all 3 trades was in a tight, but reasonable position. I reacted a little like the boy in the Mark Douglas book “Trading in the Zone” when confronted with a dog. As he was once bitten by the dog, he believes he will now always be bitten by the dog……I must remember that every moment is unique……

EURJPY - the market beat me in the mind!

EURJPY - the market beat me in the mind!

Hope everyone else managed to capture the nice moves on EURUSD and EURJPY today. I was surprised the Yen has moved  considered it is Golden week this week. in Japan.

Jimmy

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Permanent link to this article: http://intradayforextrading.co.uk/2010/05/04/tuesday-4th-may-2010-need-to-accept-my-risk-and-respect-my-stop-loss/

5 comments

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  1. Phillida

    I hear you!! I enjoyed the EURUSD this morning and ended up over 50 points for the morning – a much better start to May for me

    1. Jimmy_FX

      Awesome Phillida – I didnt see a Sniper or PP in play – what strategy did you use ?

  2. FFXD

    I always hate it when that happens. Hope you do well next time.

  3. Black

    next time, try kicking the dog in the face! :)

    1. Jimmy_FX

      I like your style……next time the dog will get kicked for sure!

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