Trade critique ? 0230-330 USDJPY 12/2/2008

sstrader

Newbie
Messages
2
Likes
0
I have been losing money consistently, but I think I'm approaching things correctly. Here is a trade for your comments

UDS/JPY
Longterm ( Daily, 1hr) and middle term (15 min)
down


Entry Sell .1 on approach to down
trend line 5 min trendline
93.27

Exit Stop 93.41

P1 Exit : 92.87

(Reverse trade Analysis)
Reverse MKT buy .2 at 93.41, stop at 93.26
P1 : 93.81

39ip forward
(risk 16.05)
40pip reverse
(risk 16.05+16.05)
2.66:1 0r 1.25:1
Therefore -- don't reverse
--------------------------------
Trade Management

Entered 93.26 at 0231

Moved stop to 93.38 at 0248

Stopped out at 0301
-$12.85

The Market then went and hit my profit target of 92.87 at 0325 or so, so I'm wondering... what should I do here to stop being left holding the bag?

What should I be considering while managing a trade? Also I do have snapshots of the chart, but I kept getting errors when attaching them.
 
One thing to always remember is that just because you have a few losses with your trading strategies or system doesn't mean that what you are doing doesn't work. You might just be having some bad luck. Statistically if you have a system that seems to work most of the time, if you stick to it, you will probably make money in the end.

Consistency is important as long as it works. Hope that makes sense.
 
Top