Forex

Trading on news

Hi there!

A friend of mine told me today his yesterday trading story which I want to share.

“I was driving my car home and my pocket pc is on and MetaTrader, I was shorting 2 lots of EURUSD and longing 1 lot of USDJPY and waiting for the FOMC 29 June 2006 Meeting news.
I didn’t limit my orders because I do hate to use stop loss and I want to capture as profits as I can, so I didn’t set a take profit limit. 400 Pips in less than 1 hour were my loss, I hadn’t have the courage to hit the close button, indeed I was thinking it’s a joke and hoping it stops”