The Forex Diary 1-12-10

Sunday started off as a disaster. I lost by the morning $193.35. I closed out all my positions. What happened? I entered a trade too early before the market got started. It reversed on me. I must have entered the trade around 5:00 p.m. Sunday night. Second mistake, I over leveraged myself. I placed another 10 lot sell trade to try and catch a reversal. That didn’t happened. By the morning I was less than 10%  away from receiving a margin call. I closed out 5 lots of my position. That left me about 30% away from a margin call. Well, I had to leave for work. It was best to close out all positions, learn my lesson (again) and lick my wounds.

Before leaving, the EUR/USD looked like a breakout from the daily charts. I placed a 10 lot buy trade with a 100 pip stop below. The break out didn’t happen. I’m now 1 day into the trade and I’m 50 pips away from being closed out.