You guys…Our first loss…A big one at that…The lesson learned here is…When you expect something to happen and it doesn’t…Always cut your loss.
From growing the account to 6k to 24k…We are down to 12.5k…
The takeaway from this ladies and gentlemen is simple…
Where we expected the price to reverse, it didn’t… News didn’t really say much other than what we anticipated…But the dollar continued with its drop and the euro flew up…
Lessons to take from this…
I opened several positions…I shouldn’t have been so confident in the belief that it would work in my favor.
Sometimes having the mentality of being “Risk accepting” puts you into these scenarios where you experience these drawdowns. Yeah, we 4 X the account…now we are back down to 2x…
When we get into these scenarios we always say to ourselves “Shouldah Wouldah Coulda…But this is the nature of the beast.
Now for me, my psychology is saying to me I was wrong on the move…It cost me 10k to say to myself “You were wrong”…How much would you have allowed yourself to lose before you said you were wrong?
This is how traders end up blowing their accounts…
In hindsight, the move is starting to slow down and we are now seeing a retrace…Which may not last too long…
The question on my mind is had I simply just accepted the move up having strength, would I have cut my losses and simply changed direction? Maybe, Maybe I should have closed out, taken a 2-4k loss, and then start again tomorrow…
That’s the truth about trading guys…Everything is much clearer when you are out of the trade.
Moving forward…We now reduce our lot size and grow the account back up…
Welcome to trading ladies and gentlemen…The hardest easiest way to make money.
Mad Love
T
