Fear of missing out has always been the biggest struggle in my life. It reflects in every aspect of what I do, and of course, it shows vivid in my personality.
Wanna some examples? I am….(start with I)
and these are just part of the product of “fear of missing out"
I’m always impatient and chasing for the next “big thing”, because of fear that i’ll miss out the next “big thing"
Same goes for impulsive, inconsistent and then always started the “big thing: but then saw another “big thing” and stopped what i was doing all of a sudden - inadequate
My current positions EUR/CHF, GBP/USD & GBP/JPY all turned against me...
Of course, they’re still far away from my stop loss and I have no problem to hold them because fundamental and sentimental reasons are in my favour.
However, I entered these trade without fresh fundamental & sentimental reasons….
I entered them because i feared that I’d miss the big action since I already missed it in the actual Brexit.
However, I made a very fatal mistake by entering a trade with price action only.
Now, there is nothing wrong to enter a trade with price action, however, understand that if you have entered a trade with price action only, then you will also exit a trade with price action.
Most people buy high and sell low which always end up losing because they enter the trade with Price Action only - completely disregard the fundamental & sentimental side.
The buy high because the price action just made a new high, they sell low because price action just made a new low!
And the end, they always buy at top and sell at bottom, and believe me, i was one of them!
Although during the years, I have completed changed my trading style and nowadays will only enter when there is fundamental or sentimental reason, however, I’m still suck at “waiting patiently”.
Yes the fundamental and sentimental were still favour the bearish outlook for EUR & GBP
Yes eventually EUR & GBP will keep going lower
However, my timing was wrong…
The sentiment of Brexit was LAST WEEK
so….why did I enter trades without any new, fresh fundamental & sentimental reasons?
Was there any new fundamental updated? No
Was there any new sentimental updated? No
The only reason is that price action has retraced….and i got impatient...
Again, it’s fine to enter the trades EUR/CHF GBP/JPY GBP/USD
because i’m in the correct direction of these trades, but my timing was wrong
And if i only entered because of the price action retracement, then I should have taken my profit when i had 100 pips in GBP/JPY GBP/USD and got out of EUR/CHF is i’m in the range bound.
Anyway, new lesson everyday and hopefully I’ll work more on my psychological aspect of trading.
Yes, at the end of the day, it is always the psychology that makes the winning trader! (and losing trader)
SHORT EUR/CHF from 1.0850
SL @ 1.1025
SHORT GBP/JPY from 137
SL @ 140
SHORT GBP/USD from 1.34
SL @ 1.3750