DislikedNew cleaned up chart looks like this. Closed the simple50 pending order, moved top white line which will mark new highs. {image}Ignored
When I was an unprofitable trader, this bummed me out. I hated giving back gains and felt like it happened all the time. So after every time something happened, I would change my rules. So next time I would take a profit... and then price would run. I'd change rules again. Or I would think it was going to go up and just let price run against me until I was mentally broken and would close the trade.
BE is a good outcome, small losses are a good outcome. But it takes experience as a profitable trader to understand this. Everybody understands it on face value, but to appreciate it to the core, you have to trade profitably to really get it into your bones. You have to do an exercise like this on demo or with smallest position size to beat the lessons into your head before you lose your rent money and retirement savings.
I just gave back 55 pips and hit BE. I had no choice in what would happen to price, but I have a choice in how I handle this. I can immediately change my rule, I can get mad, I can make other people's life miserable because I just had something miserable happen. I'm going to pick none of these. It was that easy.
This is why I did this exercise and am doing it again to show how to do it. You want to experience the outcomes without blowing accounts so you can ask questions about trading and ultimately be profitable. I will continue testing the idea to follow a breakout. I will continue taking profit at all other times when price gets back to the next swing. I will appreciate that I did not lose a significant part of my account and I am ready to go again.
+ I'm ok with the BE (you may not be, this might be a "-" for you, it's ok, you'll learn)
? Did trying to breakout into a major level - 1.20 - impact this ?
Be bullish on you.
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