Published: May 17, 2019 12:35 pm est
by Tom Kadale,
Contributor Market Analyst
NewsmovesMarketsForex
While waiting on EURCHF to brew this afternoon, a SELL signal for AUDUSD came in just before I left for the gym. This time I learned an important lesson, one that I’d like to share with our subscribers…
While heading out to my car with my gym bag in tow, I checked the charts on this trade, selected my trading strategy based on what we teach in our online FX course, then placed both trades.
The charts looked good and were aligned with my personal views for a stronger dollar, so I chose Rule #37, which calls for up to 3 lots at the MARKET and 7 lots at the LIMIT. I sold 1 lot at the MARKET a shade above the LAST quote. I continued by placing a 7 lot LIMIT order. Here’s what went wrong but fortunately in my favor.
Obviously I was on the move while entering my two trades. In my haste, I forgot to include the Stop Loss and Take Profit for my 1 lot trade. It’s so easy to forget, since the trade requires one click to complete the transaction.
Normally I like to complete one order at a time, however, this time I jumped to finish my 7 lot LIMIT order right after placing my first trade. This issue has happened to me before and aside from stern self-reminders, I’ve decided to review each trade prior to closing out my iPhone.
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From the RagingFX Trading Desk… Tom Kadale, Forex Algorithm engineer RagingFx.com and Guest Contributor Market Analyst for NewsmovesmarketsForex
