Today I had another loss from unplanned and un-routined trade.
I can now immediately capture myself doing something outside my norm and found out the reasons.
As mentioned, I’m about to have relatives coming for wedding and touring beginning this Saturday, and this has really disrupted my trading routine and habits - hence, the successive unplanned trade from Yesterday’s EUR/GBP to today’s GBP/USD.
I know it often confuses people to judge a trade’s quality by the result of profit/loss, but that is not the case and that cannot be the case if you want to stay in this game long enough.
The key to win is really to keep learning, develop your own strategy and trading routine, constant journalling every trades and reflect yourself…etc.
You constantly change in life, and so does your trading style - so I always recommend people to stay away from trading if something very abnormal is happening in their life now; such as sickness, love ones passing, or for myself, wedding.
I guessed i have under estimated the emotional effect of wedding event on me and now i have learned - with expensive tuition of $1000 of course haha.
Anyhow, I took GBP/USD today out of FOMC minute, there is nothing wrong to trade this event - only that i normally never trade minutes alone.
Not only that, if I want to trade any day trade, then i ought to be in the sessions to sessions so i can get a sense of the sentiment by monitoring and being there - which i clearly did not do as i had just woken up from my nap prior to this event.
So yap, once again, to know yourself and to stop yourself from doing something that is not within your habit or routine is so important, because at the end of the day, market does not make you lose money, nor do other trades.
You’re your biggest enemy and it is completely true in the market.
So from now i’m not going to trade sessions day trade anymore until the whole wedding event is done and dusted.
And if there is important economic releases, then I have to plan ahead such as my previous AUD/USD trade, although ended up in loser as well, but that was a great trade for me because i did everything right in my process and I was really proud of it.
Remember, at the end of the day, your winnings are actually from eliminating your error and unnecessary losses, because every trade you really only have 50/50 chance, eliminate the ones that has less than 50% chance due to your own psychologic error = you will come out as a winner at the end.
OK, happy summer guys! Remember to journal your trades and/or thoughts, you’ll learn so much from doing it.