Yesterday was a true test of character type of day in the Live Room. Usually finding a valid trade setup to enter during the first few minutes of class is a good thing, but today that gift was also a curse. Okay, it wasn't a curse to us in the room because we are all disciplined traders... or at least working to be; but for those who are not, I'm not sure if they would have been able to pass this test. Below are the charts of the three trades that I called and entered during today's session. EURUSD & USDCHF were retest of structure trades and the USDCAD was a 26-18 setup. As I mentioned earlier we entered these trades (EURUSD & USDCHF) at the very beginning of class (about 30mins in) and the market forced us to watch our positions float about half way to our profit taking levels and literally a few pips away from our move to break even points for the majority of our three hour session. Not only did it tease us at these levels for a while, but during our last hour the market actually went against us putting us within a few pips of being stopped out. With that being said we never flinched.
I've been through many situations such as this one in the past and I've learned the hard way to stay in my positions until they are either stopped out or profit is hit. And of course when I say the hard way I mean closing out of my position because I was scared only to see the market rally and hit the area where I should have been taking profit. However today we didn't make that mistake. We stayed true to our trading strategy and because of that we had profit targets hit on all three trades.
As I told the traders in the room. These are the days that you learn from. These are the days that when you think about punking out of a position, you look back and say "wait a minute, last time I held on and it ended up being very profitable." Sure, maybe the next time you may actually get stopped out. It happens, but if you trust yourself and more importantly your analysis, then in the long run you will turn out profitable. Trading isn't about how many great trades you take, it's about how many dumb decisions you don't make.
GREAT DAY in the room today Trader's. Days like these are when you really feel like you earned your money. After all who ever said this profession was easy.
I've been through many situations such as this one in the past and I've learned the hard way to stay in my positions until they are either stopped out or profit is hit. And of course when I say the hard way I mean closing out of my position because I was scared only to see the market rally and hit the area where I should have been taking profit. However today we didn't make that mistake. We stayed true to our trading strategy and because of that we had profit targets hit on all three trades.
As I told the traders in the room. These are the days that you learn from. These are the days that when you think about punking out of a position, you look back and say "wait a minute, last time I held on and it ended up being very profitable." Sure, maybe the next time you may actually get stopped out. It happens, but if you trust yourself and more importantly your analysis, then in the long run you will turn out profitable. Trading isn't about how many great trades you take, it's about how many dumb decisions you don't make.
GREAT DAY in the room today Trader's. Days like these are when you really feel like you earned your money. After all who ever said this profession was easy.
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