Guaranteed stop loss is not a common practice with Forex brokers as one would expect.
My target was 98, just below the previous high. The market then traded out and went 93 offered, and 92s traded and looked like they might trade out. I got the feeling that I should exit to save a couple of ticks, as it looked like the market was going to go against me, but I was determined to wait for my stop or my profit target to get hit.
Until then I would sit on my hands. The market then started to tick up, and the 3s traded out, then it quickly went 4 bid, then 5s started trading and it went 95 bid on size. I got a bit light-headed - it looked like my first lot might work perfectly!
To be on the safe side I had orders to sell 40 at 97 and 40 at I planned to keep the other 20 and run them, or stop out at breakeven if the market went back to 93 and looked like going 3 offered. Normally this would be routine for me, but with this size on I was reacting differently, much less detached than normal.
The market looked strong and suddenly I succumbed to the lure of trader's greed - I pulled my 40 at 97, seeing visions of the market breaking out and retesting the days highs 15 ticks higher.
Suddenly the market spiked up through 98s, as though someone were covering shorts in a bit of a panic, and the 99s traded. I got even more bullish. Suddenly I realised that might have been a short term top - classic panic covering, right at the level of the previous high, and looking bullish just before it pulled back. I offered 98s, but the 97 bid eventually traded out, and I missed my chance of a fill. The market then ranged between 94 and 97 with small size at 93 and 98 briefly for the next odd minutes, getting tantalisingly close to my desired 98 fill price, but I stubbornly refused to accept 97s.
Finally the 93s started trading as the US T-bonds opened, and I stopped myself out at breakeven. Despite this, I was pleased that I had finally done my first big trade in that market. I had finally fulfilled my ambition to trade a lot, win or lose! My entry and first exit was good, but then I let first greed and then stubborness get in the way of what would have been a near-perfect trade. Still, I had made a nice profit, and it was better than losing.
So, my advice to anyone who wants to step up their size is this - wait for a really good setup, then get in on 5 times the size you a comfortable with. Then set your profit target and leave well alone! Avoid the "coulda, woulda, shoulda" and stick with your plan.
It will be fun to see how many people on this board all of a sudden are trading lot bunds and switching to x-trader the coming weeks.
You have inspired me now. I have been meaning to increase my size 5 fold for quite a while. Will try it soon. If i do it I will owe my sucess to you. Your step by step walk through of your thoughts during this trade was a great read. There's actually a nice lesson or two here.
You showed how emotions need not be in trading decisions. Ideally, only the spread on the trades. Note to the wise: If it's too good to be true, it probably is! Sure it can be done, with a great trade, but likely not. If you can do it on demo, you can do it on real. Emotions, which play a major part in all trading, is the key.
Traet the demo as if a 2nd real account instead of just play territory and give it ago. I like being on edge, esp with a USD. If I had time, I would try it, may try any way. I dont know how to autotrade can someone help me.
At trend in September - West Looking to open a Forex account? Open Live Open Demo. Continue Browsing Download App. Previous 1 2 3 4 Gather little by little and you will have many.
Trade is not Hobby It's a profession It takes years to learn. Quote Message Report Minimize your losses Add to your winners! Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure.
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