Posts Tagged ‘ risk control ’

Goodbye Profit!Hello Stupidity

Today will go down as my stupidest day, ever. I broke all of my own rules and quite simply chased my losses and lost the plot. Yes it was a bad day with TUFXP hammering me for -21% and a loss of 6% on my morning trade. But that is where it should of stayed; yet somehow I’ve added over 17% of extra loss through recklessness and greed. What tilted me over the edge was the fact a TUFXP trade stopped me out by 0.3 of a pip before screaming back up to its scalp. That tiny difference would have made an exceptional difference. To compound my errors, I took the decision to up my risk on a strategy I’ve been testing the last few weeks. You can guess what happened. 3 losing trades which resulted in the extra losses.

I am bitterly disappointed with myself and I have massively let myself down. I displayed all the qualities of a desperate trader chasing losses and going beyond my own risk control. It is going to take a monumental effort to rescue this from here and I owe it to myself to do my damned hardest to bring it back. I thought I was a better trader than this but today really was a black day.

I am going to try my hardest to forget today and concentrate on the future and take one trade at a time and I’ll see how I go from there. It’s very tough writing this but also a relief to get the burden off my shoulders. This will serve as a stark warning to me in the future, I  am determined to make this work and whilst today has been an absolute wipe out, I aim to succeed.