Take rest of the week off, allow yourself to settle down over the weekend. That is what I would do. Come back next week fresh and try to use the drawdown method of 0.5%, can’t say with certainty I would do this part, but I would try. Def take the rest of the week off, I find that helps me a lot to calm down and not do anything stupid after I go on a little losing streak. Lots of trades in the future
I can empathise bro! As much as it hurts to admit it, the slow way is almost certainly the best way… Perhaps if you spot a setup that you are extremely comfortable with, you can up the risk percentage somewhat. If you risk 1% on a trade, you just have to trade one 3:1 trade and you’re back to profits 
It depends - were you sticking to 2% risk? did you have more than 1 loss already? -I don’t really want to know answers, my thought is - if you’re consistently applying risk - and are confident in what your trying to accomplish then ABSOLUTELY reduce to 1/2.
However, if your like me, and sort of just guestimating at certain times - then I would take that professional step and ABSOLUTELY reduce to 1/2.
I just know cause it really goes out fast - when you don’t - and I believe risking 1/2 - will be your confidence booster.
Oh YEAH! 
Took the short from 1.3090 and cashed in a bit in some late day trading
that depends, do you feel the need to put 2% on every trade? Personally, if I have a few losses in a row, it shakes my confidence and I usually put 1% or less on a trade until I’m sure I’m reading the charts correctly
OMG man! your post just reminded me to check if I cancelled the sell limit at 1.3080 from this morning and guess what?! I wasnt! closed immediately for 22 profit, but what a shame, this could’ve drained my daily profits! I hope I learned my lesson! phew, lucky escape!
:41:
I would watch & carefully listen to the PTC 03-09-11 video; link on the first page (not listed on youtube).
Watching it myself, as it happens.
EDIT In addition, get your hands on the Mark Douglas videos and watch those.
PS there’s nothing wrong with you. There is/are (a) part(s) inside of you that need(s) to understand that they should trust what you’re doing.
Why did you close bro??? :o Lol, could’ve made more!
nice PM!
I put a trade on at 1.3050 with 3/4% risk. I liked that level and I thought it would hold there after the last 2 LO’s. then after I got bumped out, I went in at 1.31 with 1 3/4%. I’ve been waiting for 2 days for price to hit 1.31
I’m hanging on until I either get bumped out, or I have a couple hundred pips in the bank
Personally, if I notice a trade that is not according to my plan, for whatever reason, either in profit or not, I kill the trade immediately, without blinking an eye, the idea being that I have to follow my plan, and not doing so creates the wrong habits that will ultimately cost me big time.
That is one area I don’t have an issue whatsoever. Plenty others left I have to say, but that’s another story…
Thanks for the replies guys, and any more to come. I think I will keep risk in the 0.5-0.75% range and force myself through the Process.
I think that will make me have more respect for risk in the future
Yea its very rough to be losing 2% (more or less) at a time then go to gaining back by only 1/2 percents at a time, but the best thing to do would ve stick with the instructions we were giving so far until we all learn and get experienced enough to be risking more…good luck and let us know what you decide and how it works
Edit:well looks like you already decided to keep risk down lol, at least let us know how.its.coming along then
Exactly PTG, thats my thinking too. I wouldnt have closed it before, but now I’m trying to act as a Professional Trader, so this was right thing to do. This was simply a shameful mistake and I’m not happy about it.
:58:
Plenty more fish in the sea, now I know how to catch it. 
Then what if you were in my boat. I left a pending order and went to bed @ 1.3080. I didnt look at it this morning and I guess LO missed it by a little. I cant check the charts today while at work but by the sounds of it I got tagged in. Now when I get home should I close it or leave it. Guess we will find out in a little over an hour when I get home
OK…technically, today was a reversal day for the Fiber and Cable.
Pretty sure the run up in price late in the day was due to the US Fed (FOMC) announcement. They extended the zero interest rate policy into 2014, cut GDP growth forecast for 2012, and 6 of the 17 FOMC members see no interest rate increases into 2015. Although no QE3 was announced, there is implications that it is coming.
Hence, the dollar fell off the table.
Gold shot up in USD (due to dollar weakness and QE foreshadowing).
So price is leaking back from the news.
Going fundamental for second…2 big reasons I think the commercials are holding so much Euro and Pound. 1) With the mess in Europe, the banks over there need local currency. A lot of information is available showing that European banks have been selling dollar assets to raise Euro so they have cash to be capital to meet BASEL risk requirements. 2) More easing in the US is expected.
Now…back to technicals…The Euro closed yesterday with a near doji…more properly a spinning top I suppose, and today could finish as a spinning top too.
The Pound, if price doesn’t move much over the next 4 hours is close to a doji today. Both pairs are at key SR levels.
Do we retrace tomorrow to do the retrace that started today, but was usurped by the news? or is this a catalyst higher.
Will be interesting to see.
You said you were not going to be a gun slinger and only risk 1.5%…
Its important to realize your mistake, accept it, don’t beat yourself up over it, think about how you are going to solve it, and then get over it and look forward.
Set certain rules in places, limit the amount of trades per week, as far as I’m concerned 2 per day is way too much, it should be like 3 a week.
Look in the mirror and slap yourself over the head or get your wife or brother or whoever to CLAP some discipline into you. Follow your damn rules! You have been trading long enough you know what you doing wrong just fix it, reduce the risk and regain the profits.
It’s a numbers game. I remind that myself every day because I tend to forget in the heat of the moment otherwise. Overall, it’s all about psychology. It’s about perception. Each of us has to deal with it on a personal level. Each of us has to deal with past experiences, good and bad, that influence our perception and hence our decisions. Meanwhile, the market couldn’t care less.
Here, have some of this:
I also think we tend to focus on losing too much, cut back on your LOSSES, the whole mindset is focused on losing and preserving capital, the majority of traders are so scared of losing money, they don’t realize it but that is what they focusing on and those are the results they are achieving,while instead your focus should be on MAKING MONEY. This is why you have to follow your risk model without fail, It is a constant in your trading, you don’t worry about the risk, you don’t worry about over trading, that is eliminated just by following your plan and by doing that you can focus on what you are here to do, make money
I got shredded on Tuesdays LO price action. I got sucked into the losers cycle and you see where I ended up.
By the time im making new equity highs again, I want cutting risk after a loss to feel more natural than breathing
My thought is that these were the levels we have been waiting for. there were a lot of stops around here that needed to be gunned before price headed down. Price will need to head down to pick up liquidity before a run up in price can happen.
I could be wrong, as the banks could have enough liquidity to keep price going up.