Our 4h GBPAUD Short trade yesterday was stopped out. Accepting a loss is part of successful trading and probably one of the most difficult psychological factors to overcome. However as with any business it is important to accept your losses, learn from them and move on. Good Risk and Money Management keep you in the game and allow you to keep trading. The trade has been logged in our Trading Journal and we wait for the next wave on the trading ocean to arrive.
As I type the pair is back through our entry price (1.7596) and looks like it could hit our 50 pip target, (1.7546) following the very poor UK PMI data. That is how it goes sometimes.
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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