Wondering if someone could help me out with my trades. Over the past few days I have been making good trades during London session. However, every time I try to trade New York it doesn’t work out for me. Usually London will move EUR in a direction and then there will be a pullback during New York and I try to ride that. However, every time I enter those trades I don’t feel very confident in them and get out of them a few hours later at break even. I guess I am not confident in my trading plan. I think partially why my London trades work is because I analysis the charts put in a market order and then go to bed. Then I don’t have to think about it and watch the position go in the negative and back to positive over and over. I do not know how to resolve these psychological issues. I don’t want to have blind faith in my trading system, but it just is not working out for me during New York session.
If anyone could provide me some wisdom I would be greatly in debt to you,
Thanks,
–Nate
I know I tend to do better on set-it-and-forget-it types of trade myself for just the reason you mentioned. Sounds like it would help you to executed the same sort of strategy during the NY session - put a trade on and walk away. The other alternative could be to trade smaller during that timeframe until you can develop the confidence you need.
Thanks for the suggestions. It is kind of hard to walk away during New York since it is like the middle of the day. I probably will try your suggestion though and schedule to do some out door activities while my trade is placed. I probably will also cut down the lot size as well like your suggestion. My main concern is that I will loss the capital I gain and that is probably the deciding factor when I get out prematurely. So if I cut my lot size I may be less prone to make those mistakes. But in general shouldn’t we be increasing lot size when we are hot and decreasing lot size when we are cold? So perhaps I will just cut down the lots until I have the confidence during New York. Thanks for both of your suggestions I will try to implement them in the future. Maybe next week, I probably will stay away from NY during these upcoming news announcements.
Once again I thank you for both of your suggestions and will follow both of them up!
–Nate
I have the same problem. It’s almost like I don’t trust my system so I set my TP for 30 pips or so and the trend goes up about 100-150 pips when I’m sleeping. Sometimes I just B/E because it reverses. What’s real interesting is that I didn’t have this problem demo trading so it’s definately all in the mind. I might just stop marrying my trades by getting too emotional and just leave them alone until I either Stop out or hit a 2-1 or better TP. Good Luck to you.
I have same problem as you.I just don’t have enought patient when i’m watching a charts.Even worst cause i’m trying to keep trade for a days even weeks.It’s not verry funny to stay and watch a trades for a days :).And we are humans not a robots we have emotion i figure out that, when i’m at wining position i feel my self beter during whole day.When i have loosing trade i feel abit upset even i know that loosing is part of game :).May be this is what we need to fight with.I mean i’m my worst enemy and my best frend.It’s hard to control it but with time and learning i will be confident with myself.
I think that it’s more inportant to be able to control myself instead of should i loose or win. So i do it like that, i make a analysis put my entry, my SL and my target and promiss my self to not touch that trade till it hit SL, or target. Simple but not easy :(.
One advice that may help remove your terminal window from your chart software ! Don’t watch numbers ! Watch targets, watch patterns, watch movments, never watch numbers.When the time come what you get as knoledge will come to you as numbers. That what i belive.Wish you luck.
but not easy :(.