hubris
+85 for the week.had some bad luck and finally a bit of good luck.
started the week badly,losing -140 on dax.clearly stupid entries,not just one but 3(short).the first one can be forgiven as it hightens your alertness once your in the game but the other 2 are unforgivable,they were out of revenge.so anyway i let them play out,went to -100,came back to -10 and now rather than cutting them i wanted something for my time and back to -140 it went when i finally cut it just before closing at 9pm.the bad luck was it fell 15 points straight after which would have saved me 45 points.but i was glad to cut it and be able to sleep rather than having to worry over night.morning arrives and i see it gapped up by 40 points so my decision is vindicated momentarily only then to see it fall by about 120 points!
it was HUBRIS that made me take those trades,thinking i could scalp my way out of it.such a wonderful word.banded about alot in trading,but i didnt think it would have anything to do with me until i make my first billion.yet it affects us all,nobody wants to be wrong from the smallest to the biggest.
so anyway onto abit of good luck.i was trading euro on thursday,thought all news was out of the way with BoE and ECB at around 13.30 and had 3 short positions.my patterns suggested it should soon drop but all of a sudden it shot the other way.i had forgotten to note another news item,US jobs!
so im about -150 and now a friend also wants a lift,previously i wouldnt have been able to tear myself away from the screen but maturing as a trader i thought it cant get any worse and the pattern still pointed down.so anyway,off i went.checking my mobile less than 10mins later i found myself +120 and gladly closed out with relief.the damn thing fell another 60 but what the hell,u cant capture it all.