Broke all my Rules!
Ok so I am in this mistake trade of mine short at 62 and for the next three hours the price wobbles around at 55-75.
The first problem was that it was a mistake so I should have gotten out with any profit or loss or BE. But then I kept it, if you are going to do that clear you mind and ask yourself would you have shorted here? got the answer! Anyway if you want to keep it then atleast re-evauluate the trade from a new point of view.
I sat there for 3 hours watching it, and I was late to meet bob so I was being impatient and then I just got annoyed and set a stop at 72 or 82. I choose 72 based on $ loss and time was looking for a short term trade. But should have been longer and had I used 82 I would have been in the trade for a 30 pip short and then later in the night 200 pip short move (which I think happened just to punish me even more!)
EUR gbp out (45) NY eur out (35) in (20) out (20) chf out (30) in (20)
Lessons: Im not going to repeat old rules. Stop based on charts NOT $s. Not allowed to go out before/after a trade.
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