DislikedI've been pretty down (mentally) this week, because I keep thinking I am taking good trades, then I mess with them, and then they turn into bad trades.
I really need to learn to just leave them alone.
I'm down 2.2% over the last three weeks (And honestly, that doesn't seem that bad for trading like a schmuck).
The hardest part about this week, was that when I take a bad trade and it fails, I know that it was shitty to begin with. But when I take a good trade, and go fuck it up....well...let's just say I tend to beat myself up over it.
Any...Ignored
Let me say this:
It's this kind of annoying shit that you tend to remember. It's also what led to my first 300+ pip trade. I got sick of doing this kind of thing to myself.
It is in my opinion that what you are describing is one of the main "make it or break it" points in a trader's career. You simply cannot take a handful of pips, only to have you losses full. Nor can you take your losses at half, just to watch the friggin trade go your way later.
I made a pact with myself a long time ago....when I place a stop - that's it. I never change it, period. Until you have your stop loss hit, nothing has changed in the trade at all. You stop loss represents the fact that the trade no longer makes sense.
When you get into a trade - fill out the following fact sheet:
Why am I entering this trade?
Where is it an invalid set up? (i.e., when does it not make sense anymore?)
At what price will I move my stops to break even?
What is my target? (A fixed price? Is it with the trend, allowing me to trail?)
Ask yourself these questions. If you get past this, you will be stunned at what happens....your closer than you think.
Just like you won't forget this shitty feeling, you won't forget your first 3,4,or even 500 pip run. It truly changes your outlook.
Chris