This trade should have been called The Big Oh (No)! Three hours into the trade and the most it got to was about +9 pips. I got out with exactly none and not only was I ticked off, but pretty emotionally volatile and clearly disappointed. Good thing I'm not the violent type. Oh, just a few expletives will do for me.
When it was at +9 pips, I was thinking: 9 pips in 3 hours... this isn't even minimum wage. I have to get out with more financial dignity than that! Then, it started retracing and I was back at zero in no time. At that point, I considered my breakeven point a new high and didn't want to take any further risk. Big mistake. After being stuck in a price rut for a few more hours, USD/CHF finally broke down and now I regret not staying in the trade as it quite nearly hit my target 2. It is my own fault for being such a fraidy cat, but honestly, USD/CHF is like the slowest pair ever. I probably have to go back to GBP/JPY quite soon. With GBP/JPY, a lot happens in 3 hours. I require action!
The trouble with my trading is that I only trade one mini lot, so 9 pips is just $9. Therefore, I need to look for a very high reward to make any substantial gain.
This trade is worse than say, waiting three hours for a guy to show up and he barely buys you a drink? Next time, I better look around and bat my eyelashes at another guy who will. USD/CHF is a bit of a snooze button.
Come to think of it, my new strategy of looking for two or three misses in a row is kind of like those old ladies who stalk slot machine losers and end up winning the jackpot. OMG, I'm using old lady strategies already. This can't be the beginning of the end already?
I suppose the worst thing anyone could wish anyone in trading is "don't let the retracement hit you on your way out." Oops!
I'll have to reassess... It's clearly my trading psychology here: too afraid to lose, but too greedy to only accept 9 pips. If only I didn't want that Montblanc pen so much.
No comments:
Post a Comment