Almost time for the markets to open . Yay. Thank goodness.
But wanted to share a few thoughts, nothing ground breaking or new but maybe just a reminder for some and maybe new to someone hearing it the first time.
Losing and Fear
In fact get use to losing, fear is what causes a lot and I mean a lot of traders to fail including myself. There is not a chart pattern, a book, a mentor or nothing but yourself that can wage that battle for you or even prepare you for the rush of emotions you’re going to feel. You just have to go through it and learn how to deal with fear and not let it drive your trading decisions. I have to do that everyday.
You can tell in the way I trade and still deal with fear, why I take some profit early and move my SL. Some call it proper risk management, which I agree with too. But it’s also due to the fear of losing unrealized profit that I have made. But I try not to let it control when I enter the market, don’t enter, or exiting early, that’s what my trading plan is for.
If you go around just entering trades at random well good luck cause that’s all it is if you end up with some profit. Just think of that rush of emotions, I know cause I have done it. Usually it’s “oh no did I just make a mistake”, “why did I do that”, “it’s going the wrong direction, I knew I shouldn’t had entered”. Why do that to yourself. It sucks, like really sucks.
But if you set up your charts, wait for price to get where you have marked and just enter it when it does. That takes away(for me at least) those doubts of well should I really enter here? What if I’m wrong? Well then what was the point of me sitting there studying and preparing but not entering when it gets to the level I want? Now this is all under the assumption your strategy is backtested and profitable. But it’s usually the trader that keeps himself from making money.
So learn to lose, study them to make sure you didn’t make a mistake, but if you entered based on your plan and it didn’t work out. Then hey onto the next and don’t hesitate to enter the next trade. Cause you don’t know which ones will be your winners and losers.
You can also tell how my trading has evolved since the beginning of this thread which is neat to see, like a journal happening right before our eyes lol.
Video about behavior while trading.
Tom Hougaard - Behavior Modification
There are a lot more things to trading and this can go even deeper but I’m ready to start trading so I’ll end my rant here lol. Good luck this week everyone.
One question regarding the AUDNZD_2021-10-11_06-11-25 open - can you share what was the entry trigger here?
