My trading this week left a lot to be desired. In particular my lack of discipline and focus which was magnified by my inability to resist FOMO. This was no more present than it was on Friday. It started out well, I took a trade, it stalled at a level and I opted to close it manually for a small loss. So far so good. However, I then took another trade which in the cold light of hindsight, by way of my daily review, I realised just how bad this was. I entered an order to by above the high of the morning, not bad in and of itself, but my stop placement was iffy at best. I placed it exactly at the level of the prior candles low on the one minute chart. Now again that is not bad, considering in the last 10 minutes that that level had formed a treble bottom across a number of candles, but, the actual stop should've been a couple of points below it, because why place it exactly on the support level? It makes no sense...Well of course it didn't go high enough for me to move my stop loss to breakeven, and then it retraced to exactly the level of support, bounced and then took off past my entry level. To say I was annoyed with myself was an understatement. This was a 17 point loss which was incurred through a lack of focus combined with a lack of discipline. Pure and simple. I was reacting to the volatility in the market and as such FOMO had taken a hold of me without me consciously realising.
Well I ended up booking a loss that morning of 28 points which wiped out my whole week and some, but worse than that, it lead to me downloading the cloud app and trading at work. Something I have sworn to myself a few times before that I would not do, but I did it anyway. I managed to turn the morning around, more through some good luck than through sound judgement, but that is not important. It is the lack of discipline and application of focus which is cause for concern, both in the morning and again in the afternoon. This is weakness and that has no place in good trading. So with this in mind I am once again looking forward to the coming week and to trading, but I must be more aware of how I am feeling in the present moment, and if I have even the slightest feelings of fear or FOMO, the slightest wobble in focus, then I am to close the broker and get on with the rest of my day. Simple. Well, we shall see on the next update if I was successful I guess, until then...
Comments