I know that I've mentioned this a lot but during my trading training , my coach Jason Stapleton always preached following your rules and not your feelings. Before I took my trading course with Jason I would always look at a trade and say "I think it's going up, maybe I should buy", or "I don't think I'm going to enter because I have a feeling it will go down." Silly stuff like that. Jason thought me a checklist type of system where you could mark off yes or no for each condition when looking at the market. For this checklist you can add whatever you feel is relevant. The important part was to stay consistent on evaluating the market the same way each time. That way you never have to make an emotional decision, you're either getting involved or your not based on your checklist. This proved to help yesterday (not that I believed it wouldn't) but I had identified a trade earlier in the morning and put it through my checklist on my white-board as I usually do. In the morning the entry looked good but I needed a few more things to happen before I would allow myself to enter.  When I came home to check the markets later in the day, I actually forgot that it was a pair I was tracking. So when looking at the chart I said to myself,"hmm this looks good" but something about it felt off. I was looking at going long on the EURCHF (buying the Euro and selling the CHF) and throughout the day the CHF had just been rolling over and destroying everything so of course I was a little skeptical of selling  a pair that was being bought up. For a split second I was stuck in that emotional box, then I realized that it didn't matter what I thought. What mattered was that I go through my checklist and if I get the score that I require then I make the move. I did so, and it met all of my requirements so i jumped in. Currently the trade is in profit (which means nothing until it hits my target, but Its a better sign than being stopped out for a loss. 

Leave a Reply.