"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Wednesday, February 24, 2010

Forex - Hard Lesson Learned, Part 2

After last night's post, i was still watching the price. Before i sleep, i found myself with two open position, with my s/l and t/p set. before i off the comp, the two position went +30 and +11, i was greedy.. i wanted to make a come-back. i leave it on. if i had closed them at +30 and +11, i would have minimized my loss for the night.. but instead, i turn them into loss -26 and -29. when i woke up the next morning, i found the price at my desire t/p point, but i was stopped out, because of noises/retracement. and this simply spell out another blow out day, recalling the one before.

i went with the trend, but another thing i found out was, to follow the trend, u still need a good entry. the above graph was simply wad happened to me last night. and my mind juz kept running about "i shouldnt have taken the second trade after the first profit", or "i shouldnt have even traded in the first place on the days when i have work and night classes!". but we cannot turn back time.

Attitude trader was right about his latest post. we're all given the same tools, same platform, same indicators but ultimately, what differs a successful trader and a loser is their attitude. now i understand when ppl say forex is a dangerous market u might get burn, they shd re-phrase instead "its not the market that is dangerous, its the way u control urself!"

after almost two months of small and consistent profits, evidently taking loss and swallow it for a night still seemed hard - which leads to more impulsive trades! i thought i had manage to slowly push this revenge-monster back into the Black-Abyss.. but after lurking in my shadow all these time it still witness itself alive after last night.

FX is right, growing up as a trader and improving isnt a monthly thing, it takes "year perspective" to see the change. no matter how slowly i am, i simply hope to see myself learning for the better. in another way, i m glad that this revenge-monster that is still found lurking within me, i knew it wouldnt be that easy to surpress, everytime it tries to kill me and fail, it makes me stronger!

im getting emotional here o dear. guess i will juz take a break for the rest of the month and continue the fight next week ok! i'll do up a review this weekend and hope to see all ur reviews doing good!


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