Just one of those days
March 27th, 2009 by daryIt has just been one of those days. Yesterday I sold the EURUSD pair at 1.36 with the intention of buying back at 1.3370. We have been working around the clock to get a new version of timetotrade ready for release and last night in a state of exhaustion I decided that I just didn’t want to take a loss on the trade so I lowered my stop to 1.3580 and reduced my buy to 1.3470 just in case the forex market moved during the night.
I woke up around 6am to find I had stopped out and with a small profit of 20pips. As I lay in bed pondering whether or not to re-enter the sell order, I decided to wait for a few hours and set about testing the new version of timetotrade that went live at midnight. Despite testing the new version heavily before it went live and even reaching a rare state of ‘zaro bugs’ (a mythical state in software development), this morning the new software load went pear-shape.
To make matters worse, last night’s closing buy order at 1.3470 was not cancelled when the stop triggered, which resulted in a 120 pip loss as I unwound the position. I was not impressed to say the least; I mean really really not impressed, especially when my initial strategy was bang on the money. On a plus note I made 249 pips over the last few days, so I shouldn’t complain, but I really do hate losing so heavily over something so stupid as a wrong order entry.
So currently I’m now long on the GBPUSD pair at 1.4314 and debating what to do on the EURUSD pair. When I say debating, it is more of a case of talking to myself, which probably isn’t very healthy. As I ponder this the developers are busy debugging timetotrade and I’m writing this blog entry, to stop me hovering over them like an anxious Father waiting on a child to be delivered. Oh, almost forgot to mention the new ezine that we have been working on; click here to check it out.