Quick one to say I’ve put it in the freezer for now
- EU commissionner says making progress
- Only Irish border remains open
- Russia says NK wants to negotiate on security with US
- Tusk presser tomorrow at 6.50 GMT
As the Tusk, EU commission and NK headlines hit the market roughly same time, it’s wiser to admit a wrong position rather sooner than later . Decided to take a 35 pips hit on the 151.15 and cut at 151.50 for now without adding . Positive Risk and Brexit news shouldn’t be fought just for the sake of having an idea. Next ….
Latest posts by K-man (see all)
- #Canada #Employment report preview. - November 5, 2021
- Rotation, ROTATION! - November 24, 2020
- $CNH living on hopium? Big week for the Yuan this. - January 13, 2020
You know, this is such a great post and lesson to less experienced traders.
Obviously not because you took a loss but the fact you knew you should quit as the forces against you were so strong. One of the toughest things in trading is admitting you might be wrong, and then having the courage (because it really does take courage), to throw in the towel.
That 35 pip loss is looking like a win now it’s traded nearly 100 pips higher since then.
As much as I (we all) hate to be wrong, it will happen, the market is not an exact science.When the odds are to much against a position , we need to ADAPT and get out.
There’s always the next opportunity as long as we have the FLEXIBILITY and not blow up the account just by being stubborn.