Thursday, September 10, 2009


The main fear that I have in trading is fear of what will I do. So today I exercised exits, stops, trading without much thinking (read doubting).
First I started with eur/usd trade that I went for bounce from trendline on larger time frames. It didn't occur and to my surprise I exit it quickly in a loss. Surprise that I didn't try to maneuver around but just take quick, small loss. So it become interesting for me to see more of that. Only other trade that I would like to mention is first trade in gbp/usd. Eur/gbp weakness translated in some gbp/usd strength, but it was overall weak pair so far. So I had that trade with 10 pips stop. I expected more upside when it brake 530 previous minor high, but on a way to it price twitched down and I hit exit getting only 3 pips on it. Immediately it made 15 pips on upside.

+14 pips, +0.95%



While you think your main fear is of what you will do, I think your main fear is really "What will the market do?" This is an interesting situation that I think a lot of people go through.

When an individual finally realizes that there is no use in fearing something they cannot control, they actually gain control somewhere else; themselves.

You should know exactly what you will do in any given moment. When you approach trading with a plan, there is no fear, only the plan. you trade the plan and only the plan.

Even myself as an extremely short term discretionary trader, knows exactly what I will do at any given moment.

If it goes in my favor, I raise stops, if it goes further I take some off. if it goes immediately against me, I was wrong. There are no shades of gray.

FX said...

There is long way to simplicity, be grateful for your current position in that journey. ;)


I am very grateful and have much learning to do still. It took lots of tears and screaming and breaking things along the way... :))