Mental Warfare

I would say, and I think that the majority of the 100 plus people in the live trading room would agree that today was one of the best days in the room. Do keep in mind this room only has a 3 week existence...but regardless today was good. This morning we identified a trade right off the bat and had to sit back and watch as the market tested our psychology.  Being involved in a trade like today that took us from nearly being filled on target 1 to almost stopped out by a single pip was truly mental warfare.  It was pretty cool to witness because different people in the class handled it different ways. The polish traders sat back and watched as they were used to this occurring on a regular basis, while the novice traders began to get frustrated. One person even admitted to "chickening out" and taking of his profits early. This made for a great conversation on trading psychology and I think the entire room enjoyed it.  Eventually the trade went on to hit target 1 before being stopped out, which was good because it added some weight to the points I was trying to make.

Other than that we had a losing trade on another pair which proved to be a great example of why using proper risk/reward ratios are important. Even though we lost on 2 contracts on one trade, the 1st target winner on the other trade covered it. So today we had 1 winner and 1 loser and still came out with some profit. A very small profit but profit non the less.  With 1 trading day left in the 3rd week we're currently over 300pips on trades we took in the room.  Let's see if we can end this week with a bang!
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