I missed a retracement trade. It’s the end of the retracement that catches me off-guard. They’re just so tricky because often there’s no signal. I just have to be wrong until I get it. It’s in my strategy.
I was trading a pair. I was wrong twice, then I decided to wait for a signal. But this time there was no signal. And now the trend is in my favor, and I missed out.
I see an additional trade that I want to take, but I have no margin left. I have margin, but I don’t want to use any more. My trades need room to breathe, so even though I like to cut it close, I’ve reached my limit.
So it begs the question: why follow so many pairs if there’s not enough margin to trade them?
I have over 10 trades running, and I’m risking 0.83% in each trade. In a few trades I added positions. I normally prefer 0.5% risk per trade, but my account had shrunk from so many losses, I eventually stopped reducing my risk in respect to my margin size.
Perhaps I will further reduce my roster. I’ll tell you this, though. If I reduce it, EUR/HUF and CAD/NOK get the boot. EUR/HUF will get dropped first because the spread is so wide, it’s impractical sometimes. Not always, but often. And CAD/NOK because the margin is so wide. For some reason the leverage is low on that one. Not sure why.
I really like the way the kroners move. All of them. But, I could use that same money to trade two or three other pairs. What’s the point? To have fun? This is not about fun; this is not a game. If I wanna have fun, I can trade it in demo.
Actually, I just remembered that I have a few orders pending, so that takes up margin as well. So, I might be ok after all. But still, those pending orders shouldn’t get in the way of new trades. I’d prefer not to delete some of them…