I think this applies on me (and maybe others):
Entering at the right price - patience - discipline.
Exiting at the right price - swallow the pride - discipline.
Patience: don't enter to early, f.i. in fear to miss the price action.
Swallow the pride: f.i. exit manually when the T/P seems to be out of reach. Also: accept a loss - set a proper S/L - can't always be right.
....the lesson makes me add a few new rules to avoid letting my emotions decide:
Don't trade when...
1. ... you're down or sad.
2. ... you're feeling frustrated.
3. ... you're angry.
4. basically ... having any bad or negative feelings going.
Be diciplined with these rules or you might end up making the mistakes I made today and blow up two weeks of "dicipline-earned" profits.
I'm going to add one more rule in my psycjological strategy list, and probably the most important one (I don't know why I left that one out in the first shout):
Don't let your emotion make any decision while trading.
Why this is the most important rule? Because if my emotions decide for me I most likely end up braking every other rule.
....
What I just shared in my last shout are things that I think lies above the trading strategy. Call it my "psychological strategy" if you will, I think everyone should set one for themselves.
If you cannot master your psychological strategy you won't be able to master your trading strategy either.
(Disclaimer: my strategy is mine - use it at own risk. Also, there're more to it, but one is only allowed to write so much in a shout.)
What I try to remember when I'm trading and have failed too many times:
Better safe than sorry!
Cut your winnings when the momentum fades.
Be patient, don't try to catch every opportunity.
Consider every angle of your strategy before entering a trade.
Don't be greedy.
Cut your losses fast to not make a big/bigger loss.
Don't cut a loss too fast if the momentum has already faded.
Accept the fact that your account will grow in swings.
I closed all AUD/NZD positions because 1.13 is a tough resistance level. If it breaks I will look for an opportunity to reenter. Or if it continues down I will look for a support to buy off of.
I want to emphasize that forex-trading is not a get-rich-quick-business. If you think so, let me help you by giving you this simple answer: LOOK ELSEWHERE! I could tell you that I'm not an experienced trader and I managed to pull off this incredible EUR/CHF-trade anyway. Well that's half true, I didn't pull something off, I just forgot to close those sell-orders below 1.20 after the Swiss gold referendum vote (in case of a yes).
Don't contact me for trading signals I'm not experienced enough!
