-60 pips Losing is easy
At my third trade I was aware that it's breaking -25 pips max loss for a day. I gave it space thinking maybe it will work. Result is 30 pips bigger loss. Every time situation like this looks like exception that you should take and bend the rules. I don't even have an opinion about following trades that I took, they are usual emotional reactions trying to do a quick fix. I trade full margin lately so loss of 60 pips it takes at least 80 pips to recover.
Again and again I fail at discipline. Bigger problem then taking losses is I think acting (trading) when I don't have full conviction that I should take a trade. I trade for sake of trading or from idea that if I don't trade I can't make money. So I take marginal trades, don't wait for real setups and market situations that suits me, probably because out of fear of missing out. When things don't work emotions kick in, from there bending rules and finally blow up.
What are situation that I should trade? When I think that price will move in my direction immediately. Fast market, runaway market. Then if it's not going that way but other I take loss pretty much quickly as I should. That's the only kind of market that I believe that I maybe have a chance. Other stuff just don't work for me in long term, I don't work for it. There are no such situations all the time but chances for trading are there. So I trade from day to day this setup or another and slowly get complacent in doing wrong thing for me. So fast markets, quick trades or ironclad discipline. I fail at discipline of taking stops over and over again, so I really don't have conviction that it's solution for me. Maybe it's easier to wait for right market, that's hard but maybe a bit less.
Again and again I fail at discipline. Bigger problem then taking losses is I think acting (trading) when I don't have full conviction that I should take a trade. I trade for sake of trading or from idea that if I don't trade I can't make money. So I take marginal trades, don't wait for real setups and market situations that suits me, probably because out of fear of missing out. When things don't work emotions kick in, from there bending rules and finally blow up.
What are situation that I should trade? When I think that price will move in my direction immediately. Fast market, runaway market. Then if it's not going that way but other I take loss pretty much quickly as I should. That's the only kind of market that I believe that I maybe have a chance. Other stuff just don't work for me in long term, I don't work for it. There are no such situations all the time but chances for trading are there. So I trade from day to day this setup or another and slowly get complacent in doing wrong thing for me. So fast markets, quick trades or ironclad discipline. I fail at discipline of taking stops over and over again, so I really don't have conviction that it's solution for me. Maybe it's easier to wait for right market, that's hard but maybe a bit less.
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