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Today, I saw a low risk shorting opportunity on the USD/JPY, and shorted with hesitation. I knew there would be important news tomorrow, but I calculated that it would be able to hit my TP by today.
Unfortunately, my calculation was wrong, but because I used my dynamic position-sizing and risk management techniques to manage my trades, I managed to scratch out with no loss even though I had miscalculated.
Even when you have reached a high level of skill, there will be times when you will make mistakes. Taking a small loss is no big deal, it is part of trading. The important part is knowing how to manage your risk and psychology effectively, something which I have to help many new traders with.
I will be sending out the invitation for my talk during lunch today, so this is the last chance to sign up for the exclusive events mailing list in the sidebar. After this, there won’t be any more talks for a while due to Chinese New Year.
I just posted some key charts on SGX and UOB in the private “Synapse Club” forum, which I think have some good trading opportunities, and is an important signal of what is to come in the market. I shall share more during the talk this Saturday, and everyone will get a chance to talk to me, so bring your questions if you have any.
See you there!