Hi guys. This is a very simple post. I’m just sharing my completely unedited personal journal entry with everyone today. I’m hoping that reading it might help others start working on making better decisions day in and day out. The screen shot above is my screen shot for the day. If you read the notes in the screenshot about my lousy trading session, you’ll get an idea of where I was at by the end of session. About 30 minutes later, I wrote the following:
2. An old lesson proves to be true yet again: DON’T CHASE TRADES. There is too much risk. If I miss my entry, then maybe I’ll get another chance later in the run to get solid entry. Maybe the opportunity won’t come until later in the week, or maybe not even until the week after that. It doesn’t matter. Making the turn from being a terrible trader to a consistent winner who moves up the lot ladder and creates an amazing financial life is a matter of CONSISTENTLY, SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION, ALWAYS MAKING NON-EMOTIONAL, GREAT / SOUND DECISIONS. Chasing is a weak-minded loser, FOMO mentality. Not only did it cost me 25+ net pips on two trades, but those trades then somewhat forced me to take profit prematurely on the +25. I had great entry on the winning trade, but because of the large losses, I had to take profit as soon as it started breathing – even though I was quite confident it would continue to run. Obviously I want to cover 25’s, so I have to make sound decisions about banking profits, but this was one trade that seemed highly likely to keep running.
I don’t know exactly why, but I hope / feel like this little nugget might resonate and help a couple of my fellow traders out there. If it does, or if you have anything you’d like to discuss, please reach out to me at firstname.lastname@example.org.
Yours in trading,