Started off the week rough by misreading strength... the volume in the candles (strength) when increasing against expectation seems to be a good warning sign to look for a graceful exit. That's looking at what price is telling us regardless of expectation.
Despite the setback in two trades, managed to wipe away all of the loses and end up in the green today by sticking to the concepts taught here. Powerful stuff!! It also builds confidence in the edge that the methodology does provide.
I think once I get the money management piece down and start looking at the market as odds/statistical edge then there will be no limit to success. Just have to take every single opportunity that is presented and manage the trades consistently with a process identical or similar to Mr. Pips. Even though I ended with +34 pips today, I left 70 more on the table by not managing the trade like Mr. Pip would. This goes against the fundamental rule of letting profits run which money management is all about. Easier said then done right? Trying to practice following it mechanically but it is psychologically hard if you're down and trying to get your account back to even and profit.
But the truth is, we never know which move is going to be a big one and if we don't give the trade the room to breath then we are probably cutting our profits short and letting our losses run.... which is opposite of what we need to do to succeed.
Despite the setback in two trades, managed to wipe away all of the loses and end up in the green today by sticking to the concepts taught here. Powerful stuff!! It also builds confidence in the edge that the methodology does provide.
I think once I get the money management piece down and start looking at the market as odds/statistical edge then there will be no limit to success. Just have to take every single opportunity that is presented and manage the trades consistently with a process identical or similar to Mr. Pips. Even though I ended with +34 pips today, I left 70 more on the table by not managing the trade like Mr. Pip would. This goes against the fundamental rule of letting profits run which money management is all about. Easier said then done right? Trying to practice following it mechanically but it is psychologically hard if you're down and trying to get your account back to even and profit.
But the truth is, we never know which move is going to be a big one and if we don't give the trade the room to breath then we are probably cutting our profits short and letting our losses run.... which is opposite of what we need to do to succeed.
)
