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

Thursday, April 2, 2009

Short entry 1st April 2009



This trade was really a noob's mistake trying to fight against the current bull trend in place at the H1 chart. I did saw the bullish piercing candle at the H1 chart going through all the congestion zones previously and i told fellow traders that its more bull than bear. Somehow i'm still bear bias and thats what made me took the trade to fade the move in the M1 timeframe. I was suppose to cut at 10p SL but my winning streaks from last week had confidence over my head already and it was bad. Eventhough i knew its going up but i did not cut nor reverse and this costs me -30p. Well, its just 1% of my account and i'm glad that i had learned something from this small mistake. That is to trusts your eyes more than to trusts your head! haha seeing is believing. and do not be biased!

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