This has been a painful week of trading for me. After bailing out of my USDJPY position far too early, I have sat and watched it hit the 80 level I had anticipated when I open my long-term trade at below 77. I cannot believe what a fool I have been. I sat and held through the loss at 75/6, but it seems I did not have the courage to sit through the gain.
I have always found that I have a higher tolerance for losses than I do for gains...in short, I run my losses and cut my wins. Classic trading error.
To make matters worse, I also got SHORT on EURJPY. So not only have I watched the yen weaken while I am out, I am actually now losing money as it does!
I guess I did not believe in the weakening Yen trend and thought it was going to turn. I was wrong and my equity is reminding me every time I check in.
Looking at the charts, I do now want to be short yen...the move seems well overdue a pullback. I have even added more trades. Stupidity perhaps.
My EURCHF position continues to go nowhere or down.
It could well be time for me to close them all out and go flat and start again. I give myself till Friday.
2 comments:
Hey 32,
its strange how we can have higher tolerance for a loss and will cut our winners short. Something to do with not wanting to be wrong and overly excited when we are right.
Good luck to you.
for me it is not wanting to be proven wrong on losers and a fear of losing my gain on winners. I guess I am a bit of a pessimist :)
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