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Lesson Learned: Moving the Stop on EUR/USD
Thought I was clever moving my stop on $EURUSD last year. Had a decent short position, market started to chop around a bit, and instead of letting it play out or just taking the small profit it offered, I nudged my stop down a few pips, thinking I could avoid getting taken out on a shallow retracement. Naturally, it wicked right through my new stop before reversing sharply and going exactly where I'd initially predicted. Cost me a solid R. Felt like kicking myself, and probably deserved to.
2 comments · 3 points
Oh man, that's a classic. I think everyone's been there, trying to outsmart the market by moving a stop and getting burned. It's a tough lesson to learn, but once you do, you really stick to your original plan.