I lost 2% today trying to short the Fiber. I went short at 1.3797 with a stop loss at 1.3825 (28 pips).
When I woke up around New York Open I wanted to get out of the trade because it was consolidating and drifting upwards. I was waiting for a retracement to get out of the trade and I got the retracement, but got greedy and wanted to wait until it was at break even or slightly positive. This mistake was very costly and because of this I ended up losing 2% instead of 0.25%. There was one point where my trade was only down 2 or 3 pips and that's when I should have closed out.
It seems like whenever I trade myself out of drawdown, I lose my first trade that I risk 2% on and I am back to risking less than 2% and digging my way out of drawdown again.. the grind...
When I woke up around New York Open I wanted to get out of the trade because it was consolidating and drifting upwards. I was waiting for a retracement to get out of the trade and I got the retracement, but got greedy and wanted to wait until it was at break even or slightly positive. This mistake was very costly and because of this I ended up losing 2% instead of 0.25%. There was one point where my trade was only down 2 or 3 pips and that's when I should have closed out.
It seems like whenever I trade myself out of drawdown, I lose my first trade that I risk 2% on and I am back to risking less than 2% and digging my way out of drawdown again.. the grind...