Friday, August 31, 2007

New User Mistake

Well, don't do this!

I fell asleep last night before putting a loss limit on my USDCDN position. I could have lost my entire account balance if something disruptive had happened. Bad investor, bad.

However, upon dragging my sorry behind to the computer, with much trepidation, I found I was in the positive. So far, FOREX is my friend. I know the shoe will be dropping soon... especially now that I've been reading up so much and know how clueless and careless I really am.

B USDCDN 1.0554 S USDCAD 1.0560 +1.42 (TL)
B USDCDN 1.0545 S USDCAD 1.0595 +0.47 (TL)

Anyway, when I noticed I was in the positive I promptly put on a trailing stop, which theoretically allows me to continue to profit in a rising market as long as keeps rising. Of course, the market promptly dropped and my orders were executed at prices that kept me in the positive.

Fun stuff.

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