The week before last started beautifully. I had five scalps in a row on the EU hourly. I had already made about 4% for the month.
The problem was, my strategy dictated I trade during the London session, and I live in the US. Trading at midnight into the wee hours takes its toll real quick, and I had to change back to the US session.
Long story short, I tanked until I could readjust. Anyway, even though I did not lose, I did not get near the profit I needed. I was definitely off my game. But I did learn a lot. My internal dialogue concerning the lessons I learned went something like this:
1. Trust your training
You have been at this for a while now. You know what you are doing.
2. Trust the charts
You know the setups. You know what is likely to happen. Trust what’s on the screen, and don’t overthink it.
3. Ignore outside events
Every spec of information needed to make a sound decision is on the charts.
4. Don’t get hung up on the characteristics of the pairs or the sessions
Just pay attention to what’s happening right now on the charts, regardless of what you think should happen.
5. Don’t pay attention to any advice on live trading rooms
There will always be detractors. Focus on the charts and stick to what you know.
6. Focus only on chart analysis
Do the best you can, don’t let anyone else distract you, and just focus on the charts.
My biggest hangup was #5, believe it or not. I let a bunch of so-called “pros” talk me into getting out earlier than I wanted all because “Breakouts never happen in NY after London closes.”
Well, guess what? There was a breakout after London, albeit not huge. I missed out on an extra 10 pips-- 10 pips is huge for EUR/USD, by the way-- that would have helped me have a better finish to my week.
Oh, well. Live and learn. I hope you can get something out of this, also.
What other lessons have you learned in the past to make you a better trader? Your thoughtful imput is always valuable to me.