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Beaten By The Market This Morning
By Benny Nardino | January 17, 2006
One of the rare days for some time now. I traded Cable - GBP/USD today. My trade this morning had perfect analyses and entry but too tight a stop. As I was about leaving my trade on auto-pilot there was a war in me as to leaving my stop on 20 or 30 pips. I eventually decided on 20 as my risk level. 
This decision eventually cost me a possible 75pips and a further 20 pips loss. Amazing, Isn’t it?
What happened:: The market crossed my entry zone this morning. I took my position downward. I just about broke even and then did a reversal to my stop level. It took off my position then began crashing south by 109 pips from my stop level. My limit was set at 75 pips from entry but never realized the profit. Do I feel bad that I traded a loss? No. But I feel bad that I gave money away without a fight. I wasn’t there to jump-in on the ride down.
On the contrary, such opportunities will always lend itself in the future. My challenge is identifying them and make the most of them.
Obviously someone took my 20 pips dollars loss today. But someone else will reward me for my calmness and patience tomorrow. That is the name of the game - an Auction game we all playings. For today, I may or may not trade again depending on market sentiments, I could say I have some more resources to live and fight another day. Here is the picture of the charts.
Happy Trading,
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“A Mentor’s footprint is worth a thousand walk of trailblazing. Therefore, seek the WISDOM of the fore-runners.” — Benny
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One Response to “Beaten By The Market This Morning”
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January 17th, 2006 at 10:24
Hard luck today Benny.
Can’t win em all ay!
Was your entry a rising support line break or a candle formation?