After losing $200.00, I thought I would try to figure out what happened from last night until this morning where my trade went into the opposite direction. What made the market change?
According to the Labor Department, first-time jobless claims had fell 9,000 to 365,000 from 374,000 the prior week. This news came out @ 7:30 am EST. The EUR/USD was around 1.5735. Within an hour it had dropped by 40 pips.
I’m now going to start tracking/naming my trades. Yesterday’s trade is #2.
What did I learn. I lost $200.00. The trade was a buy @ 1.5800 and stop loss @ 1.5700. The trade was triggered late in the night and when I came to work the EUR/USD was hoovering around 1.5715. Then came the big drop to trigger my stop position.
After this happenned, I just sat at my desk thinking of why I can’t get this right. Making money isn’t easy as everyone would be making it. However, I can’t afford $200.00 losses. Either my profit trades have to be more frequent and much bigger or I’m going to continue to be out of the game here.
Quitting isn’t an option for me. However, the cost to stay in the game is too great. I’m going to have to figure out how to create some cash from other sources to put back into the Forex.
I did place another trade. Short EUR/USD @ 1.5700 and a stop @ 1.5800. I only placed one lot this time.