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Friday, December 12, 2014

My Biggest Mistake

So last night before going to bed, I forgot to set up a stop loss on a trade... the EUR/NOK. I woke up this morning to learn a very harsh lesson... very harsh indeed. A 69.5% loss... crushing and heart-breaking. Like the blog says.. forex has its ups and downs. While I just spoke about money management only a few posts ago, I failed to do so. I believe I identified my mistake... obviously no stop loss, but I was trading too many pairs at one time. I have narrowed my list of trading currencies to a smaller number of 13 currencies. I am also going to make narrower trades... meaning all signals MUST line up and I will make less trades but larger trade.

Tough morning. But, in the words of Rocky, "Nobody is gonna hit as hard as life, but it ain't about how hard you can hit, its about how hard you can get hit and keep moving forward, how much you can take and keep moving forward, that's how winning is done."

#YoungBuffett Out


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