This week has been a total wreck. Too many losses deterred my confidence, tomorrow will have to access my trading for this week and hopefully next week is another completely different story. From what I can see my undoing was due to my exits, ill discipline manner and failure to detect a reversal pattern in the price action aka candlestick.
My mistakes were :-
- Trading the pivot method where price would reverse towards PIVOT. Price did just that in two of my entries but did not reach my take Profit limit in my other four trade and thus bounced back downwards, and where was I during this? DRIVING!!! ... note to self... ALWAYS be there trading the bounce.
- Upon realizing my miss, I opted to wait and hope things will go my way... well it was a down trend and it never did, not at least for another two days, if ,I have waited for that long to get out of it. Lost us$200
on this trades. Remember, cut your losses, if you know it is a loss do not make it worse. - Emotion ran wild, I immediately got into another trade risking more of my capital with the intention of getting back some of my LOSSES. another us$350 went in smoke... Story of the day....
NOTE to self:-
- Do not risk more on the capital, (over-trade) will make trader in-confident on waiting the outcome of their trade.
- Do not be too cocky, always check the chart hourly and be there during crucial moment.
- Greedy is evil.
- Over confident, we cannot control the market but we can control ours.
- DO NOT trade with emotion running wild. Head is always better than the Heart.
- Follow the Trading PLAN.
Failure in life is not how many time you fail but how you picked your self up every time it happen. What don't kill you only makes you stronger.
0 comments:
Post a Comment