The Blog Novice » Uncategorized » Trade # 2 – $200.00 Loss
Trade # 2 – $200.00 Loss
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.
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I think more is learnt with a loosing trade than a run of positive trades. Of course positive trades are what we are after, but a few bad trades brings you back to earth and reminds you that you can get it wrong sometimes.
I’ve personally learnt some very valubale lessons from loosing trades. Thats why a journal of each trade is so valuable. Taking the emotion out of the trade, and purely looking at it as a trade has helped me in the day-trading world.