Friday, February 19, 2010

Saved by 1 trade a day rule

It was very hard after my loss for me to let it go. Purpose of one trade a day was justified today in full. I was really emotional and it was hard not to trade any more. In a sense today was a victory over emotions. Too bad that I don't feel victorious. I really, really wanted to trade, recover that loss. It's mix of regret that I had a trade in which I lost, that I put it on in first place and need to correct things. Need to stop feeling regret by winning amount that I lost. That is way that things work every time, I get lost in those emotions and in retrospect it's always digging deeper hole. I'm really against big bogeyman. So today had potential to be really bad day and it was cut in the root.
Trade itself was too early entry that was looking for break out that never happened. It would be far better if I entered with half size so loss would be smaller.

-15 pips


Black said...

always looking forward to see u overcome the monster side of emotions. Remember.. emotions are control by our thoughts, keep it going!


FX said...

Thanks Black, I'm amazed with today when I think of different possible scenarios of how things could go. This is real purpose of active prevention of blow ups or very bad days.

Black said...

right FX, im too learning how to conceptualise 'why i should not enter a trade' instead of 'why i should enter'..

perhaps this way is as wad u've juz said 'active prevention of blow ups days'

Trader32 said...

Would it be better to have a pip or $ limit rather than a one trade limit?

I often find myself behind after a couple of trades but many times I pull it round and end up with a good day.

A pip or $ limit would still prevent blow out days, but give you chance to recover.

FX said...

Trader32 it would be better but lately I've been so undisciplined that I would fall into emotional trap every other day. Then I simply wouldn't follow my rule which ever it is. One trade a day is try to limit exposure to emotions as much as I can, because simply put I need it now.

I'm using opportunity to congratulate you on your steady scalping from day to day.

Trader32 said...

Hi Fx,

In that case it is a good rule for now. Must avoid huge losses.

Good luck for this week.