This week was a bit hectic in my mindset. I guess I was Euphoric about my trade going as planned until it fell short of 30 pip when the whole thing reverse !! Forcing me to decide to close less than planned at +50 pips! A trade that could have been more than a 100 pip! Feeling like this can be lethal to your trading regime. It could end up a self sabotage though that can keep on nagging inside you.
TO counter act it is to feel positive of what I bank in and made a forceful decision to close a trade because instability felt in my psychology. I knew it because I learn from it a long time ago. It made me aware of my being when I trade.
Here is what happen.
I Was long the EURUSD at 1.3261 knowlingly that there were BUY orders clustered at that price because 1. There was a Demand level . 2. I was buying into traders that fear and sell their orders to me. 3. They make a mistake and sell after a drop, into a Demand.
SO the price bounce off and continued on until Today. It was pretty frustrating sometimes to see a trade went well and because of greed, you stick to the original plan.
The Plan was to buy at 1.3261 and Exit at 1.3435 with a SL at 1.3237. THis strategy went accordingly untill it rejected at 1.34000 which I thought the supply were gone, but reported in the alst minute that their clustered sellers at 1.3395 and 1.3400. What did I do, I hold my buy. I was worried the price could go back and fall as far as 1.3200.
THis is the problem of reading fundamentals which are baseless of Demand and supply.
And the price falls and I become super worried. FEAR sets in and my judgement is not in contrast and not focus at all. after a 45 min though, to regain control of my self, I decide to close the trade and take what is worth. It is useless to wait a trade that is not working as planned and hoping it to happen. The thought to deny yourself you are right is the worst symptom and best to act and close , bank ing in what you have in front of you.
So I close the trade at 1.3319 for a mere 50 pip.
These are common of what happen still at some professional traders including my self. BUt the best thing I do is to get back in control. Re analysing the chart and looking at a range of 1.3400 and 1.3300. My emphasis will still be a bull trend and only focus on Demand or simply buying low or at the lower range.
But if this week close below 1.3300. then I am buying massively at 1.31000 for a 1.3435 or to where ever a near by supply.
What did I do best ?
I act upon the mental breakdown symptom of self sabotage and close my trade for the week.
What should improve or change ?
Trade what I see, not what I read!!
What’s next ?
SLEEP and enjoy my weekend!