I Lost a considerable amount of money today, around £600.00. Not only did I take a trade that was against cycle, showed the briefest hourly conviction close, and then rejected the 55EMA, I immediately followed up this trade by a news trade against the GBP... I didn't even check what the news was, I just got sucked into believing Chad and that the market was going to reverse.
This move caused panic in my psychology and as Trading in the Zone tells me, when I am fearful, I cannot see clear setups...
This was the trade...
And here was the exit...
Now, as I was panicking I missed these 2 great setups on the £.. it does look like we get these trades almost every day, sometimes two or three...
SO, AS A LEARNING POINT - I WILL LOOK FOR REASONS NOT TO TAKE THE TRADE AND APPROACH EACH DAY WITH THE MINDSET THAT TODAY I WILL NOT TAKE THE TRADE.
... It wasn't only the fact that i lost money being so stupid and losing this trade, Chad has a very strong record in the room and its worth listening to his opinion, but my reaction to losing a trade means I am not in a place where I can take the hit and not give a shit. My game is as still much mental as it is technical.
As an aside, I took an immediate trade out of London this morning, as soon as I see a stop run against it then I will exit the trade.
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