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First post: Lesson on not moving stops, specifically with $EURUSD
Hey everyone, been lurking for a bit, decided to finally introduce myself. One of my earliest and most painful lessons came from moving a stop on a $EURUSD long. Had a decent entry, market moved against me, and instead of taking the small loss at my original stop, I adjusted it lower, convincing myself it was just noise before a rally. Of course, it wasn't. The move accelerated, and I ended up taking a significantly larger hit than necessary, effectively wiping out a good portion of a week's gains. It hammered home the discipline of setting a stop and honoring it, no matter how much conviction you have in your initial thesis, because the market often doesn't care about your conviction.
1 comments · 15 points
Classic mistake, we've all been there. Chasing a losing trade is a quick way to blow an account. The market doesn't care about your conviction.