GBP/USD, bollinger band strategy

Forex trading is not at all an easy job. When you here someone talking about forex trading, some success stories, forex trading seems to be very easy. Sometimes we wish, we could trade like that.... Initially I also thought like that. But it needs a vast knowledge to be succeed in forex trading. Not only knowledge but also control of our emotion, managing time, maintaining discipline etc is equally essential.



Now I'll talk about another trade by bollinger band strategy with another currency pair.

Strategy collected from: mt5 forum
Currency pair: GBP/USD
Time frame: 1h
Indicator: Bollinger band only

Today, there was a good trading opportunity. Yesterday, this pair showed no opportunity with this strategy. But today it showed a strong opportunity.

The blue box is the area when we had to enter a short trade. But I was at my job place for which I missed it. Look how far it went down.... almost 90 pips... dream trade for a newbie with such a simple trading strategy. The current shown price was the first time I looked at the chart after it provided such a good short entry signal. As I was away from trading terminal due to unavoidable reason... I thought.... with such a good trend, let test that whether we can gain some pip here at this stage...

Here I traded twice along the trend.... Lost 21 pips and gained 10 pips... net 11 pips loss. I think.... controlling emotion is essential... missing a good opportunity always tries to compel me to enter a trade at a later period when it seems that there is more pips to take.... but actually this is the oversold area (in this case).... I think most of the newbies are failed by this temptation..... Control... control... secret of a successful trading.