Today was a good day in the market. A lot of the trades I were in had some pretty good moves. However it was a real test of my self discipline and the ability to stick to my plan. Overall i would give myself a C grade. I followed my rules on a few trades, but on the other hand I got scare of a few as well. Yes I got scared out with profit, but it wasn't a part of my plan and I know that if I continue behavior as such, I will join the 99$ of pro traders that fail. One of the trades that I punked out of was a heart breaker because it shot up about 80 pips or so in the early NY session, only to be sucked right back down on the very next 4 hour bar. When I saw this I was so devastated that I moved my stop/loss to break even and closed the trade. Of course when I came home later in the day I saw that the trade was back on the positive side. Not to the point of where it was at this morning but it was still on the right path.
Even though I'm getting much better as a trader, there are still a few bad habits that I must iron out to become a good trader. Lesson learned. I don't mind making mistakes, but I do mind making the same mistake twice. So hopefully this was a one time thing and next time I start feeling scared I'll force myself to turn off or simply walk away from my computer. Sometimes its best to just get away and let the market do what it's going to do, instead of having your eyes glued to it.
Even though I'm getting much better as a trader, there are still a few bad habits that I must iron out to become a good trader. Lesson learned. I don't mind making mistakes, but I do mind making the same mistake twice. So hopefully this was a one time thing and next time I start feeling scared I'll force myself to turn off or simply walk away from my computer. Sometimes its best to just get away and let the market do what it's going to do, instead of having your eyes glued to it.
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