Revenge Trade

Mayroon palang tawag sa trade na natalo ka at gusto mong makabawi kagad. Ito ay revenge trade. If you have read my previous post the Semplang Trade, know that it's not yet the whole story. Immediately after closing that trade, I went and dove into another one. 

Avenge Isya's EGO and Account

Brooding over my $7.82 loss, I wanted to immediately find a trade that would cover my loss. As I mentioned, this was around midnight. I could not shake off the feeling of wanting to make it right and earn what I lost.

WARNING: This is not advisable and is a complete don't-do-it action.

I went to bed with my Android smartphone that has the MT4 app. This is where I tried with difficulty to find a forex pair to trade. 

I was scanning different forex pairs. Then, I came across AUDNZD. This was the revenge trade I took. I went into this trade without the proper tools and analysis. This was a trade doom to fail, again. I also executed this trade with my half eyes closed, literally. 

Reflection

I have no screenshot of the chart for this trade because remember I executed using phone. Although, I could try and recreate it and post it here for future reference whenever I want to do a revenge trade again. 

Here is my entry to my actual physical trading journal:

Bought this because of my disappointment with the GBPUSD trade. Sa kagustuhan ko na makabawi ay naghanpa ng trade kahit wala na sa katinuan at inaantok pa. Mali-mali.  

Though, reflecting on this trade now, the only good thing that I did in this trade was, I had a tight Stop Loss. But don't get started thinking that $1.88 was nothing to me. It was massive, especially following the $7+ trade loss I had. 

Analysing charts is not advisable to do in phones, because it wouldn't do the pair any justice. Yes, its okay to use it for monitoring, but not studying charts. That's why you use laptop or desktop with screens for that. 

When you go to bed, just sleep or do some light reading. Don't bring trading to bed. Okay, good night!

-o)-