This is a confession. I cost both the company and myself a lot of money today. Two trades and we should have had close to double profits out them. Let’s look at where I went wrong, and where EnigmaSignal was (as in 90% of cases) right. That’s a major lesson for all traders – take responsibility. I just did. It hurts. But don’t blame the product. Blame yourself.
Look at my mistakes this morning. I was advising Stan on his trades, and I didn’t follow the trading rules myself. I suppose I made the classic mistake. I got emotional. I wanted him to be profitable, and so I snatched at profits.
Right. Let’s see how I messed up. But first off, congrats to Stan who took a nice 32 pips in 30 minutes before finishing early in the day. Weekly profits in three days trading for him of £275 ($350). Not bad for 3 days trading and trading at only £3 ($4) per pip. If only he hadn’t listended to me this morning. I mirrored for £20 ($26) so no disaster but overall I am disappointed with myself and very pleased with EnigmaSignal.
Started at just before 8am. Two trades looked to be setting up. First off the GBP/AUD. A steep rise overnight was followed by a move above the minor cloud (blue circle). Immediate full position buy as we have both signals at green. Now here is where I made the error. With the secondary cloud running flat, I decided to take the profits on a touch of the cloud.
15.8 pips for me at $26 a pip = $400, but had I let it run with a smart stop….. well lets just say its trading 1.7406 right now. That’s 126 pips higher than I dumped out at. Absolutely crazy. And the daily chart looks even crazier (see below). This move will have defeated a lot of people.
The good news? Even though I failed to maximise profits, it was impossible for us to be short or move short throughout this entire move. Many did. Many nurse huge losses. Me? I’m just nursing a bruised ego, but happy and content to know another trade is not far away.
The daily chart – 14 days of activity blown apart in a few hours. Heady stuff ….