I wanted to write this entry to try and drill it into myself that I have to trust the trade set up that I enter into. I feel that my initial analysis and choice of entry on a trade is generally pretty good at the moment. The problems start occurring once I'm actually in the trade. I just can't seem to get a hold of my emotions. I see things that aren't there and don't see things that I should be seeing.
I'm currently going through what I'm sure nearly every other trader has also gone through. My losses are far outweighing any winning trades that I make. A lot of these have come down to personal error. I'm interested to go back through my handwritten diary and web written blog and note how many times I've said something along the lines of "it wouldn't have hit my stop, but i closed it and it would've hit my target. I fear that it's quite a high number.
With this in mind, there are still positives, I am actually making good calls to a certain extent. I'm just not following through or controlling my emotions once I'm in the trade.
With today's trade I lost 1.76%. With some patience i'd be looking at a 3+% win for the day.
My account currently sits at €4,635.13. That's a 7.29% draw down since the 1st of January.
A lot to work on I think.
GBP/USD - Sell @ 1.6125, Stop @ 1.6168; P/L = -25.3
GBP/USD 5min
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