Mentality and Sticking to Your Plan
DISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Last week I published a small "idea" for a quick scalp on the CADJPY. I noticed an uptrend that I didnt expect to go past a certain Resistance level from a few months back. I set my Take-Profits and Stop-Losses at fare prices, and hit my Take-Profit. I was happy with my trade but, being the amateur that I still am, I not only left money on the table but I didn't stick to my plan. I looked for what would have been another opening, which turned out to be a correction that hit my stop loss as soon as the market opened (thanks to a huge gap). Not only did I loose the profit from my previous trade, but the price rose up and came back to where I wanted it to be all along.
I have yet to lean how to keep emotions out, and set myself into the right mentality. But I do know that it is something that we all must learn to be succesful traders.
Last week I published a small "idea" for a quick scalp on the CADJPY. I noticed an uptrend that I didnt expect to go past a certain Resistance level from a few months back. I set my Take-Profits and Stop-Losses at fare prices, and hit my Take-Profit. I was happy with my trade but, being the amateur that I still am, I not only left money on the table but I didn't stick to my plan. I looked for what would have been another opening, which turned out to be a correction that hit my stop loss as soon as the market opened (thanks to a huge gap). Not only did I loose the profit from my previous trade, but the price rose up and came back to where I wanted it to be all along.
I have yet to lean how to keep emotions out, and set myself into the right mentality. But I do know that it is something that we all must learn to be succesful traders.
