Scared out of the trade which would have brought in big Profits
This is going back a while now but a trade that I had put on the 5th August – those following my Twitter feed would have seen this.
I went long AUDUSD after seeing a pinbar as you can see from the pic below.. the next day it went up and the following day, you can see that there was some retracement. In the Daily chart, it looks fine but if you actually saw what happened that day, you would have gotten spooked which is what happened to me. I saw that I was 70 points up at one stage and then my profits started to dwindle and I took 30 pips.
However, if you see what happened, you can see that the market moved very strongly up reaching 9200 before falling. If I had managed to get out at 9200 that would be a massive 270 pips!
The lesson here is to not get caught up in the lower timeframes. Also, no matter how experienced you are as a trader, you can still find yourself making mistakes. This is something which I did a lot before when I was starting out as a rookie so a miffed that I’ve made this ‘schoolboy’ error but saying that, I make these mistakes less often.. just annoying that I’ve not managed to completely iron them out.
