This was a failed trade, but not a mistake, because it did what I expected it to do in one of the envisaged scenarios. I lost 10.97 pips in search of a 60-pip (or more) profit, risk is a healthy reward-risk ratio of 6:1. With only a “pure chance” 50% success rate, that kind of reward-risk ratio would make a lot of money over time.
The worst thing that could happen now is not the price falling to my original target thus proving me “right” all along. The worst thing would be for me to re-enter short on that assumption, with no stop order, and the price then shoot to the moon! Or to re-enter, stop out, re-enter, stop out, and so on. So, for now, I’ll treat it as “one that got away” while concentrating on my mainly-long and mainly-long-term position trading strategy.
Two Steps to Better Spread Betting:
Disclaimer: this posting is for general education only; it is not trading advice.