my first 1 mio notional value short GBPUSD was a failure.
I did 3 or 4 different trades on Monday, 31.03.2008, where I had profit in each of the trades but stayed too long and at the end had a substantial loss.
Then I shorted GBPUSD at 1.9860 > it hi a low of 1.9740 but I had the idea of using the measured move concept: AB=CD (2.04 > 1.97 :: 2.02 > 1.95) . The notional value was 7 standard lots.
Next day - Tuesday 1.04.2008 was a fools game again - it went against me and I shorted 1 more standard lot at 1.9859. Now the position was 8 X 100k lots.
Wednesday - the day of reckonging - day started around the lows 1.9750... I didn't do nothing all day but watched it hit new highs around 1.9890...
What a stupid act. WHen it first probed 1.9800 I also shorted 2 more standard lots so I just wanted to do my first 1 mio trade no matter how much it would cost me.
Now I cut my position to only 300k and will look to withstand the move with what's left in the account -- right now onle about 30% of the starting equity..
That's how greed and selfishness take revenge over you. Once you lose control of yourself your inner enemy will just creep out and take you by surprise. I knew it was going to happen and just watched it inflict pain over me. How strange is that I did this damage to myself in full sense. Pity.