Playing by the rules hurts! One of the rules I set for this quest was to put a stop loss just outside the range. I got hit last night by the gbp/usd that I held for 2 days. (Due to the fact I was travelling and had terrible access to my brokerage account I broke the rule of not holding a position for more than our trading day). I wish I broke the rule about stops!

I would never or could ever advise any of you not to use stops, but feel free to read between the lines. Last night I hesitated to put a stop (but felt I had to play by the rules) and reluctantly took my medicine. I was actually going to just take a loss of a few hundred dollars, then see what the forecasts said, but decided to put a stop just outside my range.

Sure enough the low went to 2.0233 and took out my 2.0235 stop. It then made a steady climb all the way back up to profit. This ever happen to any of you?

I am glad this is a training exercise in discipline.

So just some extra thoughts. My preferred strategy is to use stops to "stop" a runaway train. Not to kick you out of the normal fluctuations of a trade. Also, as the forecast goes, if you keep track of the stats, sometimes it takes a couple of days to hit the next day high. I was getting paid interest and not in any danger..but who knows right?

So enough of my belly aching. What is my strategy now? I always like to seek out the best trade possible after experiencing a loss, and not just jumping back in. I am still ahead of the game, and I certainly prefer a loss mid stream as opposed to the first trade of a strategy. I may just look for less than my 30 pips target and get that "feel good" support that a good trade gives you

Take the losses and move on.

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