GBP/DKK: Long Entry @ 8.50 was Stopped out - Waiting for re-entry

The long GBP/DKK Trade I entered was stopped out for a loss of 300 pips - OUCH! It is the way it goes in the forex market - That's why we use stops - I was confident that this pair would hold it's new low level but I was wrong. Hopefully if YOU took a trade it was in the opposite direction than I was ans you would have made 300+ pips on the short side.

I am not a perfect trader and I challenge any trader to claim that they are to prove it. I prefer not to wrap my ego in a cozy blanket. Everybody wins and loses in the forex.

Although my stop was hit at a loss of 300 pips it's not the end of the world or the end of my bank account. It is however a new level to base another long at. When considering the price action of the other GBP Pairs it understandable that this stop was hit since the pound is experiencing some really volatile movements as of late. One can never be afraid of getting stung by a stop. That will not get you anywhere. One must be tenacious and patient if a stop gets hit maybe it was the wrong side of a trade and maybe you should look for one in the other direction.