GBPJPY, 4 Hour
Yesterday I wrote about the GBPJPY pair on the 4 hour chart and concluded that a SHORT trade with “An initial target around 161.20 (20Day Moving Average), 161.00 and further out to 160.60 from current 161.85 levels. A recent high of 162.50 areas provides a stop area”
Although the pair achieved my two target areas I was stopped out (the daily high being only a couple of pips above my stop area.)
So I had a losing trade, that went on to hit both my targets. As a trader this happens and we simply have to add to our Trading Journal and learn from it. Always analyse your trades – both winners and losers.
Trading really is a mind game and accepting a loss is probabaly the most important aspect of that mind game. I learnt many years ago that winning and losing trades are always simply “interesting”. Losing trades happen and will continue to happen, however, with the correct risk and money management you always stay in the game and have funds to take the next opportunity that comes along.
Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.
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Senior Currency Strategist
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