A BAD WEEK FOR MY ACCOUNT...

The market is indeed challenging and there are times when you are so much obsessed with the trading excitement without you even realize it. Unlike the past 5 weeks, I lost quite extensively on my account equity this week but surely I knew there are ways to come back without a revenge.

Sometimes, I must admit that I hate the market when it goes against me, especially after doing all the right things (ie follow a set of entry rules/system, non-emotional trading decision etc) and yet whipsaws and unexpected movements still occur. Look at the GU and EU pair movements this week, even the UJ, there are just too many whipsaws. (well at least according to my system signals).

The problem is, I always tell myself that the market is the market and it acts the way it wants, but still when you encounter a string of losses, your psycho will not be in balance state,and hence you tend to take revenge and get pissed with the market. Luckily I had that experience earlier and managed to control myself...
The problem is, we like to talk about profits but hardly anyone wants to admit or reveal the mistakes that they did.

Not me though. Hence, for the sake of self-learning and sharing (so that I would minimize the chances of repeating them), I wish to share some of the common mistakes that I still do at times without I even realized.

1. After a set of winning trades, days and weeks, I always lost my overall perspective on trading forex, becoming greed, taking unnecessary risks and deviate from my own proven simple profitable plan. In simple words I got high & I become careless!

2. When I’m wrong, I did not pull out early enough, always change my Stop Loss to the next level until it is too late to do so. At times I survived but when I don’t, it surely feels like suicide though.

3. I am not being particular with my entry time (ie 15m or 1 hr interval during London Session onwards), always try making earlier entry in making extra pips base on my pre-analysis during Asian Sessions.

4. I got impulsive when the action starts, normally after the news release.

5. My body is very tired and yet I still can’t resist to trade, thus making wrong & bad decisions.

6. I took chances on my position, not being realistic with my profit target and set it at values that can only be hit during hyper-breakouts (ie 300 pips). Most of the time, this TP is hardly hit for an intraday trader.

7. I jumped in without analysis. Then I hope for the move to go in my favor. See, this is not an attitude of a trader... this is a gambler. But sometimes I just did it, I don’t know why... perhaps I do have that gambler’s instinct that needs to be LOTO (Lock Out Tag Out).

That’s the 7 mistakes and weaknesses that I shall closely monitor and improve. It is easy to know but when the action starts, I tend to forget them. Perhaps I need to print them out and paste them on my trading wall.

In summary, a bad week in terms of my account balance, but surely there is something to be picked up for a post-mortem.

Have A Nice Weekend !

;)