2 days go i shorted GBP/NZD upon a support breakout on the Daily time frame, and following a bearish trend momentum.
Basically i lost 3.11% because i was a bit reckless, since i had 2 wins in a row. This is why it’s crucial to follow the jedi path , and not let emotions guide you. Be focused when you are winning, be focused when you are loosing.
After my Sell Stop order got triggered i opened the economic calendar (not before…) and noticed top tier events for the NZD, which basically pushed my loss 3 seconds after the information came out (i was not sleeping, i was waiting to see what will happen)
What did i learn?
Well, even though you are trading the longer time frames, always always always check the economical calendar for the week, and also check the calendar when you find a valid setup.
This particular setup had 42 pip SL, and i completely forgot that Top Tier news events can spike price 50 pip…and even a 100 pips within minutes.
So, unless my SL is 150 + pips, i need to be mindful of economical events, and manage the trade more nimbly.
Basically i could have closed the trade at a small loss or a small win at a few points in time, but i decided to leave it open, which was a mistake.
Any ways, loosing is a normal part of trading, i am still satisfied with my overall performance these past few months, so today i am continuing to search for potential setups.
Here is a screenshot of the setup