Trading Performance this Week and the Stop Loss Monster
June 2, 2006 by Trader Rich
I'm not going to go into it all that much due to pain and suffering but Week 6 sucked. I lost money over and over and over and over and over again. My trades were thought out and most of the time proved to be in the right direction but I was eaten alive by the stop loss monster and I'm talking by the slimest of margins. I'm definately hurt by my smaller stop losses and my inability to watch the market. I felt very rushed this week and should have stayed out of the market altogether if I didn't have the time. I wonder if it would be any different if I was jobless. I'll post my results later but they're ugly and I don't want to ruin my afternoon.
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Hi Rich, i hope you don’t mind me posting here.
I’m sorry that you had a bad week; I have been reading your blog all morning and you seem to be having a very similar forex journey to my own.
A few weeks ago, the market taught me a very harsh lesson about rushing into trades. I lost over 400 pips in a single day - and it was all because i had a day off of work and i decided to spend every minute of it trading.
My 9-5 job means im unable to watch the market during the day, and since im on GMT, by the time i get home i’ve missed all the big pip moves that only ever seem to happen during the London/NY session.
I think the longer term charts may be the only solution, eg, on May 25th using the daily and weekly charts, I went short on the AUD/CAD. I exited this trade on June 1st for a 150 pip profit.
Mind you, this was my first attempt at using charts set at longer periods than 15 minutes, and it was the first time that ive let a winning trade run for more than 15 pips.
Now, while it didn’t completely covered the losses i made earlier in May, what it has done is shown me a way that i *could* eventually succeed in forex trading, and a way to take alot of the pressure out of it.
Btw, I’ve never paid for training before but im now seriously about signing up with Rob Booker, as he seems to come highly recommended by many beginner-intermediate forex traders. He’s not overpriced either, which leads me to believe that both he and his claims are geniune.
~chyna~
Hi Chyna. Feel free to post here anytime you want. I’m glad that we can relate to one another. Having the 9-5 jobs really make it harder for us to trade the short term charts… As far as Rob Booker is concerned, I just saw him in person today at the expo and his seminar today was good but before you jump into it, send me your email address to rich@forexproject.com and I’ll send you some stuff from him to give you a pretty excellent idea of what your going to get for your money. You can then decide after that. Anyone else reading this, feel free to send me your contact info and I’ll get some stuff together and send it out to all of you.
I’ve emailed you - and thanks!