A frustrating day

[bhale]

I have to say that at least I was only down $125 today, I should have been up around $600.

I entered long EUR around 8:30 EST at 1.1184, and long GBP at 1.6060, looking for about 40 pips. After several minutes I decided to close these trades as they weren't going anywhere. I got out at about -$20 each. Half an hour later they shoot up way past my projections.

Later I am in a long USDCAD trade at 1.3955. After 2 hrs, I get out at $30 up and call it a day. I just looked at the chart again and the damn thing went to my original limit of 1.3985.

Frustrating!!!!!

If I had stayed in, I would have doubled my account for this week.

If if if if.....

[peteuk]

My momma told me there'd be days like these

If only.........the story of forex!

[foundhorizon]

I understand that story

That's why my favorite trading motto is "Plan the trade...trade the plan." As traders, our gut feelings always seem to be wrong and I kick myself much more over the "second guess" mistakes vs. simply getting stopped out. I'm curious, did you exit based on a preset plan that involved exiting on low activity or simply on impulse?

Exiting is the trickiest part of trading to me. I mean how many traders have trouble getting in the trade! We look for excuses But when it comes to exiting, we hesitate, change our minds, get greedy....when will we learn. The only solution I've found is to force myself to decide all exit rules beforehand and live with it even if it hurts. Of course, it helps if those rules are not out of line with your money management rules as well.

Sincerely,
FH

[currencia]

BHale: Look in the southern sky tonight and U shall see your nemesis. Up until last nite, this light bulb in the sky was moving Eastward. It now moves Westward. Look for the next major price change on August 28 and Sept 29 London open.

[Silvester]

Currencia,

It looks like we are speaking about Mr Mars, here. The fiery and faraway heavenly body...

Are you a magician at last ?

Silvester
------------------------------

Forcasting is tricky ! I do not pre-empt reality: I follow it ! (for the moment)...

[currencia]

Forcasting is tricky ! I do not pre-empt reality: I follow it ! (for the moment)...

Jajjaaj, Silvestor!: To follow, one must use eliptical and curvilinear road rather than a straight line that arrives too late. Nothing majical about Mars; it has been on it's well defined path for quite some time, and we know the path in advance. Now that's more than one can say about a teenie weenie artificial trend line that arrives too late and won't again show itself again till it is also too late. So, which is more mythical, elusive, and majical? I would rather track reality than average it with an arbitrary, artificial line in the sand called a trendline.

[Paul Koszarny]

on EUR/USD provided the market stays tuned to the range 1.1400-1.1500. Actually it may test 1.1518 then.

Paul Koszarny