Published:  May 08,  2019 1:50 pm est


by Tom Kadale,
Contributor Market Analyst
NewsmovesMarketsForex

GBPUSD Rates by TradingView
EURCHF Rates by TradingView

 

While trading our algo’s signals yesterday, I caught myself making a common error. Fortunately, it worked in my favor. Here’s what happened… At around 7am EST, a SELL signal for Cable buzzed on my iPhone.

I started with 1 lot at the MARKET and a bit later added another lot to average down. Here’s where my faux pas occurred. When I entered the 7 lot LIMIT order, I had forgotten to change the Trade Size from 1 lot to 7 lots. As soon as I noticed my mistake, I deleted the trade.

However, since the price action had moved too close to the ENTRY level, the MT4 system would not allow me to re-enter my LIMIT trade. So I decided to forgo the LIMIT order and just place my third lot at the MARKET. At this point my wires crossed. After deleting my LIMIT order, I was interrupted by another person.

In the confusion, I hit the SELL button on my iPhone only to discover that I had forgotten to change the trade size from 7 lots to 1 lot. Fortunately, the MARKET price was close to the ENTRY and my personal views were aligned with the trade direction. So I decided to leave the trade in place. The next morning, I awoke to a pleasant surprise.

 

Trade FX Differently at RagingFX.com

 

 

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Investors should be aware when Trading Forex on margin or any other financial instruments can come with extreme level of risk.  Investor’s should carefully consider their risk appetite, experience levels before investing.  Forex trading might not be suitable for everyone, some of your capital or all of your capital can be lost while trading.  Investors should consult with a professional financial adviser if you have concerns or questions about trading the market.  
 
The Owner of this website as well as third-parties involved with this site or affiliates opinions, analysis or insights does not constitute as investment nor financial advice.  Our commentaries and contributors analysis are know as a general opinions and does not constituent as investment advice. We will not be responsible for losses that users rely on from the content disseminating from this site.
 
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Mr. Kadala is an internationally recognized writer, speaker, and facilitator on topics related to FOREX trading. He is also the founder of RagingFX(r), a self-learning algorithm that generates FX signals for its online subscribers – RagingFX.com.
 

From the RagingFX Trading Desk… Tom Kadale, Forex Algorithm engineer RagingFx.com and Guest Contributor Market Analyst for NewsmovesmarketsForex

 

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