Wednesday, October 15, 2008

When you don't want to take a loss you take a big loss

It all started nice with me trading with half size. I pick a spot that gave me nice profit at first, looking like the uptrend is failing. Then suddenly it turned and fly higher and I didn't get out. I add another half size short. Than I was sitting and counting ticks of losing trades. I re shorted with full size, double down. It went more up. Than slowly down, but eur was strong in comparison to gbp at that time so I took around -23 x 2 loss.
Than I decided to be clever and went long double size, well now market started to go down slowly and not up to test a high. I even add another long trade with double size so in the end I was trading 8x bigger than I started with my first trade. My idea of being conservative.

Well it was going happen sooner or later with the way I trade. I only learn in such situations because I get a kick. If I got b/e or small profit, I would do it all again. Now, I have a chance to learn. It's not disaster if I don't, one day I will learn.

So I lost -114 full size pips. Also this week my positions were 20% bigger than before.

To rub a salt little more down you can see a chart what happened later.


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