I know this subject is beeing repeated over and over everywhere but…
Well, I had a setup on eurgbp today, I went long and waited and waited and waited…as I’ve told earlier I only daytrade the first hours in the morning.
I did my stats, went long and saw the pair drop several times…it started to range after a while and I thought what the hell…I’ll cut it of my trading plan for today and did so with a 4 pip loss. No big loss there…
Then…
Just 1 FREAK’N SECOND after I cut it of the news where realeased, the pair went bullish with 30 pips in just a matter of seconds!! I hate it, I hate it…and again…I hate it. Because I had a plan, I went against my own plan for the pair and missed out the rally that I was aiming for…
that feeling
Now the price is falling again after the huge spike…but, I never revenge trade so I’m out for today
Note to self: “stick to your freak’n plan dumbass”!
Hehe…just had to get it out…
My other trades did more or less well so I made at least money for beer today
hahaha! beer money for the win! That scenario happens to all of us, and with practice over time, you’ll get better at managing your risk during news events. Keep it up and cheers to ya buddy for not revenge trading
I felt a little anger against myself yesterday but I told myself as I always do…no loss no pain, no pain no gain.
Got out of bed this morning after a good night sleep, made some coffe and run the same setup as yesterday but on the eurusd this time. And this my friends are why I don’t revenge trade after a loss…I first rest and sleep well before taking my next shot the following day. Guess what? …I went short on the pair today and eurusd went on a bearish rally when the london session opened. So…I’ll take that for a revenge I sticked to my plan and I was “on that train” today…much better then having a stand at the platform as you see it leave without you…
So…STICK TO THE PLAN! - No wonder why people keep repeat that over and over… I’ve already done my pips for today so have fun ya’ll!!
I’ve been riding that EURUSD wagon with you this morning, but I put a TP on a 30 pip profit. Being relatively new, I didn’t realise that when the TP is hit the position auto closes? I thought it stayed open until you manually close and the TP’s acted as a kind of process to get some profit before the close?! Guess I was wrong?
Well, the TP is automaticly closing your trade when it reach the amount of pips or price you have set.
Thats why it’s called TP - Take Profit. That is exactly what it does, it closes the trade and take the profit
To “lock” in profit and STILL have your pair running to see if you can get some more out of it you will have to use Trailing Stop instead.
Thanks for the reply! I’ve actually read about that, but completely forgot about it. Thanks for reminding me. It seems in the first few weeks there’s so much info to take on that it pushes other stuff straight out the other side ha.
who said that your plan will always work? Trading plan is intended to MANAGE RISKS and in no way to gain extra profit. For the second purpose I would recommend to develop ENTRY plan.
mentally disconnect the numbers from money. your plan is all about numbers. obey it. when a number is reached then you exit or enter - whatever. this disconnectiom is not that hard. when you think in terms of money you wake up gread, fear etc. all the **** that you don’t need.
Working on it… I’m telling myself everyday that it’s all numbers and about pips…not money. But sometimes it’s hard…specialy when it goes against you. I’m trying to take loss with the same emotion as wins beause I know it’s a part of making money…you have to use to make
Funnily enough I remember being told a very similar thing at high school by teachers preparing us for exams! Seeing why discipline is such an important part of the forex traders make-up!
I’ve already done my pips for today so have fun ya’ll!!