Week 1 – Update 2

So this morning I had my first live trading “what have I done” moment… I was down as much as $1,000. But I guess this emphasizes the importance of not having stop-losses, or that would have all locked in huge losses today… also trading psychology plays a big part in things.

USDJPY hit the T/P overnight for about $146 profit, I also sold USDCAD for another $146 since it didn’t look like it was going any lower. I set EURUSD’s T/P line a bit more reasonable just to make sure that it sold before turning around again, so there is another $100 locked in while at work. Total profit actually taken so far is $393.40, but the other 3 pairs I am still holding (AUDUSD, GBPUSD, USDCHF) are still down $500-$600 in total, but are still looking like my predictions were correct and they could turn in my favour at any moment. So right now I’m down maybe -$300, all things considered if I liquidated everything right now.

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~ by yarcofin on July 15, 2008.

2 Responses to “Week 1 – Update 2”

  1. Well, maybe you’re using a leverage that’s dangerous when combined with your time frame (1 week). It products “suboptimal P/L impact.”

    how are your trades now ?

  2. No stop/loss is the only way to trade. As long as you KNOW that your free margin will be able to stand the drawdown, there is no reason to stress like majority of misinformed traders out there constantly preaching stop/loss and trailing stop settings. All of these advice come from people who do not know WHY they entered the trade in the first place. If you know why you entered and know when you will exit, there is no reason for stop/loss sets.

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