Q: Do you prefer for me to update my trade posts by separate posting like this or to use the new "UPDATE STATUS" feature that TV has recently introduced?
I did update the trade status using that feature already to "CLOSED" but what I notice is that the new status doesn't seem to show up under "Notifications" so I'm not sure how many people actually will see it when I do that. As opposed to me doing a new "Update Post" like this where everyone sees it in their "Notifications". It's more work for me to do a new post of course than just using the "Update Status" feature so unless I get a good response to this question, I will start updating my posts using that feature. Saves me work. But I don't mind continuing the way I've been doing it if it helps more.
Ok, now that I've taken care of some housekeeping.....this trade was closed as the SL was hit for a -20 pip loss. A minor loss but a loss nonetheless. It's a small price to pay for what could've been a good reward but it's also a small price to pay for good information that may lead to an even bigger payday! I am saying that because if prices do go a little higher now, then the fall will be farther and more pips to be made IF I get it right!
Losses occur for every trader. Managing those losses is the key. Use sound money management and take good trades and you will always be OK. And just as important, ALWAYS use that loss as information and learn from it. if you do, then EVERY loss gets you closer to a payday. Remember that!
Right now, I am using this loss and re-analyzing the price action to see what I read wrong and what the chart is telling me. So that the next trade I take in this pair may easily recoup that -20 pip loss and then some.