Just added to my long position at 114.60.
Usd/jpy
- Thread starter 4Xgorilla
- Start date
I see a possible drop to 112.50. I would bail below 114.00
Oh no. I'm long and wrong. My stop is at 113.50.
I'm not budging staying long
Your response to being wrong about your trade is typical of an armature.
Before you place the trade you should have known were you would admit you were wrong and end the trade.
You are making a classic mistake by staying with your now loosing trade. You may end up getting out near breakeven, but you are just reinforcing a terrible habit that will eventually end your career.
Professional run at the first sign of being wrong, and will re-enter just a quick.
That is what separates amateurs from professionals. The ability to re-enter and try again. amateurs will exit with their loss and sit their and watch as the market turns and heads back it their anticipated direction. Belive me I know.
This will be my last post about this in this journal because it is a currency journal. ---The above post is not correct in all or perhaps even most cases. Yes, if the trader is highly leveraged, then they run at first trouble. However, most professionals understand that high leverage is a recipe for disaster and instead count on low leverage or perhaps no leverage at all, to reap the benefits of the markets. Conversely, most amateurs are lured to the market thinking they can use high leverage and tight stops to make unbounded amounts of income. This is a fallacy. This is exactly what professionals like myself are counting on to reverse the market etc when the amateurs are getting stopped out.