MESSAGE FROM JACKO 450

It is 1.00am NY time Wednesday September 16 and the market is at 1.4670

My short trade at 1.4615 is now playing itself out. I have a 100 pip Fixed Stop Loss. At the present time I can't say that I am dancing in the street about this trade.
In taking this trade I had three choices:
1. Buy in at the current levels ...which I thought was too dangerous given the length of this rise
2. Hold off and do nothing until the market had a significant correction...which I thought might be too long a period or
3. Sell on the basis that the market was showing initial signs of a potential correction and ride the correction down.

Because I am a trader, I decided to take the third option. Now I will see if that was the best option.

Edit 3.00am NY time Market is at 1.4688 I am hanging in this trade by the fingernails. However i have a policy, as often as possible, to let a trade play itself out. We have the 1.4720 high from last year as a minor backstop (though most insto traders would be seeing that as a target). I will let this trade continue to play itself out.

Edit 8.00am NY time Market is at 1.4673. The market has risen to a high of 1.4713 (within 2 pips of my Stop Loss) before falling back. I intend to let the trade play itself out for a while longer.


Edit12.15pm NY time Market at 1.4715 After a rollercoaster day which saw quick swings in price, I have just been stopped out.

Emails

Email 1 (A timely question....LOL)
Can you tell me, how did you deal with the trading stress when you were not experienced? I am more relaxed trading forex than futures (which I traded for many years before forex) because I had learnt that the world doesn't end if I have a loss...I suppose it is just experience as you trade more and more that you realise that losses happen...It is an integral part of this business...
NO-ONE gets it right 100% of the time. It is always disappointing at the time to have a loss (NOBODY likes being wrong!!) but it is the longer term results that count.