Hello fellow traders,
I've been trading on a live account for the past 5 months, after more than 1y in a demo account.
I started my live account with 1k but now I've lost almost 10% and I'm starting to get frustrated.
I'm a conservative trader and I never trade more than 0.02 lots and my strategy revolves around Swing Trading and the usage of Pivot Points.
I think I have reasonable technical and fundamental analysis knowledge but I feel that my biggest problem is the lack of consistency in what I'm doing...
For example: I'll sit in front of my charts on Sunday and plan the week ahead. I create trade plans according to my fundamental biases and define the areas where I'm willing to buy/sell and the areas where I'll set my take profit and stop losses.
The problem comes when the week actually begins and I start to feel the urgency to trade what I planned. I feel like I have to enter the market because I've studied it beforehand and I tend to make bad decisions regarding my entries (for instance: trade without any trigger, or ignore basic s/r principles), which will lead to bad trades overall and a loss in the end.
Then I get frustraded and I begin to "stalk" a bunch of currency pairs in order to desperately trade something.
What irritates me the most is that I'm writing this post and I know that I'm making all the basic newbie mistakes (FOMO, overtrading, etc etc) but I feel that it gets out of my control very easily.
I've lost 100€ and I know that it really isn't the end of the world but I'm in a state where I feel like it can go downhill from now.
Do you guys ever faced this kind of situation? How did you overcome it?