I’m a totally newbie who hasn’t even started with demo account trading yet but I’m trying to read and grasp quite a bit of the materials including posts here prior to some “paper” trading…
Around 4:30AM today I was looking at a major pair, which seems to exhibit clear trend and I thought it’s a good time for entry, however, for risk management, I didn’t have a good idea on range for my stop loss yet, so, I didn’t take an action on it. Then for the rest of today I was busy, came back home almost 6PM, then looked up the chart, and you know what, the price has moved some 40 pips (the entry opportunity is lost). Man, I felt sort of bad even for “paper” trading… I immediately recalled quite a few pros here stress the importance of emotion control in trading… It really hits home even for someone who hasn’t truly started yet.