The Secret of Successful Trading

"Successful traders have a larger edge and better money management than unsuccessful traders. Unlike popular belief however, this study shows that the smaller edge of successful traders is not the cause of their failure. Traders' failures can be explained almost exclusively by their poor money management practices."

"The Secrets of Successful Trading", Fernando Diaz

Monday, March 2, 2009

Short entry 15:35


made a short entry based on the broke of the support at 1.2580. the entry was made too late as price was touching the another support at 1.2570. it was too late to realise that. well, price pulled back to retest the 1.2600 area and failed to break. i know the bears are still there and held on to my short. price eventually came back to 1.2570 and went lower to 1.2560 the next support. got out at +5.

must be careful to watch out for SR levels next time was too engrossed with the break of 2580 as signal. should have waited for it to pull back as price had reached next support level.

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