S&P trading blog – entered at the right place but exited the wrong place
Today was a bit frustrating.. I entered two long trades as per the two green arrows in the attached chart.
This picture is how I feel today!!
The first trade I was seeing a move beyond the previous swing high.. stochastics were already high but I thought it wouldn’t turn.. I was targetting around 136300 at this stage. The market was at one point about 10 prices in my direction but for some reason, I was convinced that it would go up more.. even when it dropped after bouncing along the top of the trend channel and the stochastics were turning… I don’t know what I was thinking but I held on and ended up a net loser of -8 prices!!
The second trade was an excellent entry… I got in at the bottom where there was support. Stochastics was very low and looking to turn. I could have rode this all the way up for some mega points but I took it for a measly 10 points where I saw some volatility in the smaller timeframes.. I chickened out!!
So I ended up with a 2 price profit when there was ample opportunity. If I just followed the stochastics, it signalled the entry and exit.. a nice exit would have been around 136500 when the stochastics breached the top end of it’s range into over bought territory..
There are so many variables to trading, you need to make sure you get your position sizing correct, your entry, your exit and most of all, your trading psychology needs to be good!
So, an up day.. just but still frustrating as there was a fantastic move and I had got out early!!
If you are using automated semsyts and forex robots go for consistency rather than big profits. I am using the no loss robot and it has been successful for me, but don’t expect these forex robots to do magic for you.Trade prudently and always test your forex robots before committing your money. And of course ALWAYS manage your risk.