It was clear to me that 610 is important level. I had first short just on 10sec chart reading. Second trade was great but I abandon it not leaving it enough room. It was hesitating going up and I exit. Than I started shorting prematurely. I couldn't wait 610. Being in loss and averaging bring bad emotions. I couldn't stop trading while ahead.
I had totally bad trades against the trend. I try to short gbp/usd to hedge but I took just 3 pips probably because it was full size position. One factor for averaging was that there really was buying into the lows so I hoped for reversal. I got out on good spot, good thing that I didn't wait for b/e.
When I'm in mind frame like this going against the strong trend is the most attracting thing to me. Seeking reversals is like holy grail.
So from that I shorted strong gbp/usd, again before the short on higher t/f it looked to me that 780 is gravitation point. But I short at 757, very bad trade. Very good place for long trade. Averaging and out at around b/e.
There is no point in trading more because my reasoning is now totally flawed. It's funny how need to trade is so big. Like I have to trade now, like there will be no tomorrow, like I will feel empty and unsatisfied from now on. More trading would be just to cover that need of getting out of emptiness and dissatisfaction. That is not reason to trade it's just emotional override.
So I chose to write this instead.
I'm at -3 pips for a day which is great for this kind of bad performance.
I have kind of problem with taking losses, it was shown today. I use too much trade management just to escape simple loss. It's insecurity in my own ability. I know that but it's slow work and slow advance. My trading is now mostly based around my good points so this doesn't affect me too much, it's the process it's not overnight thing.
After all this and coffee brake I came back to the screen and saw usd/chf perfectly setup for long, also chf the weakest against usd of all currencies. I used little retracement for entry and fast scalp exit. So in the end I got my b/e for the day but based on good thinking not needy emotions.
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3 comments:
Hey my friend, at least you understand your self more out of all of this. What has been helping me lately is to bring my mind to focus on the reality of my trading mind. I think to myself "You are willing to let your position go against you 50 pips just to in the end make 9 pips? If you would just take that loss and give your gainers that same UNWILLINGNESS to close the position, you would be SO AHEAD in this game."
In the last 2 days since I have been telling myself this, I have went from averaging 5-7 pip profits to 10-15.
The brutal truth FX, that we all must ultimately deal with (whether we choose to consciously consider it or not) is that if we would simply reverse our thinking, we would make a ton of money.
Unfortunately, we are too caught up in wanting to be right. Although we don't always acknowledge it (RARELY in fact) we hold losers because we don't want to be wrong, and we take quick profits so we don't end up being wrong. its as simple as that.
Imagine... That you are in a small profit, you are about to close out the trade and someone comes out and says "Surprize! the information you are looking at is backwards, you are actually in a loser." Would you still close it out? Probably not, you would say that it might turn around.... Why can't we just reverse our thinking and suddenly become profitable? Because we have not yet mastered OURSELVES.
Take care, you are still on the right path.
Hi 4x for life nice to hear from you again.
Orion that stuff that you wrote is something that everyone get to their mind in their path as trader. But, while I did think of that I never thought in a way that you put it when you said "Would you still close it out?" about small position that I'm just about to close. Really I wouldn't close it, I would treat it completely different. Yes, this trading game is difficult in manner that it require so much being in connection with yourself. It's slippery slope between good path and trading and bad.
Every trader is familiar with a feeling that he was so close to doing right thing in particular trade or a day. Or when you look to very bad loss in which you broke all the rules, if you could only trade like that when you are in profit.
It's 100% psychological, some understanding of trading is required. Only understanding of how to trade gives you nothing and is wort nothing if you can't deliver it, if your mind is blocking you. If you block you.
If we look at good traders they are not masters of trading skills, they trade pretty much simple and understandable to everyone. They are masters of them selfs. It's the only path.
Btw. orion m. I was reading the other day your blog about your path, it was quite a ride so far. Best wishes for the future from me to you and Rosina.
Thank you so much my friend for reading my stuff. Its good to help and talk to others. That blog is just a small step in consideration of how far I have left to go! By the way, great trading to you in june!
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