#10WTC Week 3 Journal Entry: Closed Trades Recap (EUR/GBP and GBP/JPY)
February 7, 2019
These two trades are very special to me in that they’ve elicited very strong emotions of REGRET. And this emotion went two ways too: regret from not getting out sooner and regret from actually getting out sooner. It makes no sense.
Trade 8: Long AUD/JPY aka Regret From Not Getting Out Sooner
First up is my biggest loss as of yet. Perhaps because I don’t pay attention to fundies/economic events. Perhaps because I hold on to hope that price will reverse before I hit TP. Or both.
So I saw this setup on Tuesday morning and I thought, sweet, this is an easy one. It’s started to go back inside its S&R range and there was what I thought, a clear uptrend move. I suppose my mistake was not letting that day candle finish. But I will soon realize there’s a far graver mistake.
Entered at market (79.521, orange line) and went on about my day.
At around 8:30PM EST of the same day, I started seeing huge moves down on the 1H. All Aussie pairs basically started BLEEDING. I even posted a topic here asking whether that was related to Trump’s SOTU (I found out quickly after that that it was because of the RBA).
So I was watching my trade basically teeter around my SL and back YET I did not get out. Why? Because I thought it would go back up. Silly me. I went to bed hoping it would bounce right around (but not at lol) my stop loss and reverse back.
Of course I woke up to getting stopped out of this trade with a $12.35 loss / -135 pips.
I was aiming for a 185 pip profit, in case you’re wondering. But anyway, I could have stopped it sooner but I clung to hope and greed.
Can’t win em all.
What sucks though is after this happened, I kept beating myself up for the many mistakes I’ve made. I know I always say it’s better to have learned than not to have tried but it’s hard to shake that feeling off.
I lost a good chunk of my wins just like that.
My account was now down to $325.77 from $338.12.
Even though overall, my account is still up 8.5%, I still felt crappy about this. And as @Manxx has warned me, I now had that tiny tiny desire to revenge trade.
Trade 9: Long USD/CAD aka Regret From Getting Out Too Soon
I guess this one’s slightly better because at least I was still in the green.
I saw this setup the same day I spotted the AUD/JPY trade and I thought the uptrend move here was clear as day. What sealed the deal for me was how it bounced off its 200MA.
I was confident in this setup.
True enough, it started to follow its upward path and 2 days later, it was moving near what I initially set as my TP (+100 pips). I took out my limit order and watched the 1H. I figured I can grab an extra 50 pips out of the significant moves it was making. (Could it be because I was trying to recoup my $12 loss??)
And I did. I ended up exiting at the +150 pip mark for a profit of $11.26.
However, after I exited, it continued to go up. I know I shouldn’t feel too greedy and that wasn’t really in my original trade plan anyway but I couldn’t help but think: it would have been enough to cover my AUD/JPY losing trade - AND a bit more!
As with all closed trades, it was over and done with. I made what I think was the best decision at the time. It could have gone the other way too. Who knows.
Anyway, my account at this point, is now back up to $337.03. Sadly, it feels like I’m back to where I started.
I have one more open trade this week. Thankfully it’s in the green. If I close it before this week ends, I’ll post it here.
Within the last 3 weeks, I’ve made 9 trades with 7 of them winning. And though only 2 were losing trades, the 2nd one was pretty painful.