Wait a while more, maybe tonight or tomorrow for the diagonal bullish trend line to break down and take your short.
Note that if you sell EURUSD, avoid buying USDCHF. Nothing wrong with that except your risk exposure has increased. That means, if EURUSD instead of turning down, it continues to go higher since it is still within the bullish trend line (potentially it can hit 1.1131 , creating a false breakout before retracing.
If that happens and you have 2 positions as above, then you are in for a double whammy. Diversify your risk unless you are 100% sure the Market would moves exactly in the direction you want.
I made that mistakes before , having won a few trades and think I am on top of the game, only to lose it all when I double up my chips. It is not worth it at all. Slow and steady win the race, no need to play the ego game, nobody really cares!
Your objective in trading is to make money or at least preserve your capital NOT lose it. So if anything you do accelerates your chance to lose your capital, stay away from it. But because online trading is so easy, many think with a click of the mouse and money comes in, maybe if I stack on more, even more will come in. YES and NO.
NO - when the position size or positions get too large and if market turns, you may not be fast enough to monitor all pairs and at risk of margin call.
YES - if you are experienced and knows your strategy well.
Self control is an important element of trading, one that brokers and market gurus out there would not encourage you to do. The more you trade, the more money they made.
Your money, your control. Never let anyone else tells you what to do with your own money. Lack knowledge, acquire it. Lack skills, practise more. Over time, you get better with experience.
Hope this is helpful
Note that if you sell EURUSD, avoid buying USDCHF. Nothing wrong with that except your risk exposure has increased. That means, if EURUSD instead of turning down, it continues to go higher since it is still within the bullish trend line (potentially it can hit 1.1131 , creating a false breakout before retracing.
If that happens and you have 2 positions as above, then you are in for a double whammy. Diversify your risk unless you are 100% sure the Market would moves exactly in the direction you want.
I made that mistakes before , having won a few trades and think I am on top of the game, only to lose it all when I double up my chips. It is not worth it at all. Slow and steady win the race, no need to play the ego game, nobody really cares!
Your objective in trading is to make money or at least preserve your capital NOT lose it. So if anything you do accelerates your chance to lose your capital, stay away from it. But because online trading is so easy, many think with a click of the mouse and money comes in, maybe if I stack on more, even more will come in. YES and NO.
NO - when the position size or positions get too large and if market turns, you may not be fast enough to monitor all pairs and at risk of margin call.
YES - if you are experienced and knows your strategy well.
Self control is an important element of trading, one that brokers and market gurus out there would not encourage you to do. The more you trade, the more money they made.
Your money, your control. Never let anyone else tells you what to do with your own money. Lack knowledge, acquire it. Lack skills, practise more. Over time, you get better with experience.
Hope this is helpful
Again, if you short EURUSD like me, then there is no need to long USDCHF as that would add on to your risks, i.e., if one fails and go in the opposite direction, then your loss would be double.
Some may argue that this is negative thinking but it is really not. Because we follow trends and not dictate how trends should move and market tends to give surprises with false breakouts , gaps up and downs, we cannot afford to take on unnecessary risks.
The latter not only would affect a trader's mood in trading but also tie up his available capital for other opportunities. Like I always say, pulling the trigger is easy, even a 3 year old know how to click the mouse but the responsibility behind it lies with the trader, 100%.