Open trading account 
Currency Pair: EUR/AUD
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 1.43679
Close Price: 1.432972
PnL: -38pips
Open date: 15.08.2014 02:55:25
Close Date: 14.08.2014 09:24:32
Reasons Behind the trade: This trade was based just on technicals alone and although I was trading against the main bearish trend I only expected a small bounce but as it can been seen trading against the trend can be costly. Another big mistake I've done is that I've moved my SL to soon and to close to market action and I've been stopped out although the market would have gone in my direction and as it can been seen my initial target of 1.4400 would have been hit.
So far the number one mistake I"ve done in the Trader Contest is to move my SL to close to market action and the reason behind this mistake is the fear of not having a market that run to fast against me. This is like a double edged sword because if you want to be a pro trader you must cut your losses short but at the same time moving too soon your SL can be costly because of the intraday price action noise.
Best Regards,
Daytrader21
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 1.43679
Close Price: 1.432972
PnL: -38pips
Open date: 15.08.2014 02:55:25
Close Date: 14.08.2014 09:24:32
Reasons Behind the trade: This trade was based just on technicals alone and although I was trading against the main bearish trend I only expected a small bounce but as it can been seen trading against the trend can be costly. Another big mistake I've done is that I've moved my SL to soon and to close to market action and I've been stopped out although the market would have gone in my direction and as it can been seen my initial target of 1.4400 would have been hit.
Figure 1. EUR/AUD 4h chart
So far the number one mistake I"ve done in the Trader Contest is to move my SL to close to market action and the reason behind this mistake is the fear of not having a market that run to fast against me. This is like a double edged sword because if you want to be a pro trader you must cut your losses short but at the same time moving too soon your SL can be costly because of the intraday price action noise.
Best Regards,
Daytrader21
