Once Bitten - Start to cry ... ...

[a0-0b]

Got bitten badly today!!
Did some TX on the FTSE100, at around 11 i recognised some resistance being pushed, and a breakout happening, so i jumped in, using fib it looked like it could go all the way to 4410/4420, so i grabbed a slice with a onetouch on 4410 at 20. By about half-two i reckoned things were going amiss and i was down by about 15-points (binary odds). So i thought - sod this, got out at about 11 and went short on a one-touch to 4400.

Not only did my short get shafted, but it recovered to 4410, so my long would have closed for an 80-point win!!

Sometimes it's hard to get up from a kick in the teeth!

a0-0b

 

[TBS]

If it was a kick in the teeth that has affected you badly, then you are overtrading your account.

If it was a kick in the teeth, 'cos sometimes it happens' - then that is trading!

 

[a0-0b]

Me thinks the kick in the teeth is because i had a plan, it went bad, and i changed my mind. Rule number 1, 2, 3 and 4 - stick to the strategy!!!
An expensive lesson, but one well learnt. Back to simulated trading for a while me thinks ...

 

[donaldduke]

Binary One touch, they are lethal, if they dont go your way as
soon as you get in, then you are dead.

The spreads so wide you cant get out without paying up.

I would stay away from one touches unless you are extremely
disciplined.

 

[TheBramble]

a0-0b - sounds like you're chasing the trend. It's a good way to go broke.

 

[a0-0b]

donaldduke,

There's a post i should have read yesturday!! I've got a pretty good handle on my attitude towards losses (normally), today i just had too much capital in one trade and i kept watching the numbers instead of the charts! That's where the discipline fell down.

TheBramble,

you're right! I was trying desperately to recover the loss and lost even more!

Read about how bad it can be many many times - never actually "felt it" until now. This is one lesson you don't get in simulated trading.

 

[donaldduke]

a0-0b,

Instead of simulated trading consider real trading with £1
per point (or less) bets instead.

You cant really paper trade binaries anyway they are just
too wild..

 

[a0-0b]

Thought i'd ask this here instead of starting a new thread ...
Just to see if i'm getting the technical analysis right ...

Lloyds TSB, gapped from 434.25 to 415.00 on the 17th, because of some ex-dividend news (i think), anyway i plotted a fib from the high on the 8th to the low on the 22, and it appears LLOY has broken the support at 417.5'ish.

that would suggest a long with a short term target of 426 and longer term 434.

The 1 year trend looks range limited, with the last three months bearish and an upturn starting now.

Any thoughts?

(and also, i'd like to stick some charts here to show what i mean but not sure what to use (sopyrigth and all that) - any pointers?)

a0-0b

 

[axthree]

aO-Ob,
Don't feel bad. I set up a position yesterday and then couldn't resist tinkering.
I didn't suffer a great loss but the profit I missed made me feel a real fool.
It's just that every now and then I forget that I sometimes get it right first time