Here we go again...
I lost 4% of my account.
The day started well. I was trading the USDJPY. It was the daily pip leader. After I made the pips, and the USDJPY reached within 6 pips of it's ADR, I wanted to quit- take the money and run. Nope. I heard "Let's keep going", so I traded the #2 daily pip leader the USDCAD. I noted immediately that this was going to be trouble. The USDJPY had made a MONSTER move, and the USDCAD? barely moved 60 pips since it's open. Not very inspiring. Then, it looked like it was trading in a range. Undaunted, I took a long trade. It gently wafted upwards like a light and airy feather... then turned and dropped like a lead balloon.
Then, I reverted to newbie mode. I actually said I am going to trade, and get my money back! Right then, I should have known I was in trouble. You can't make this stuff up...
Then proceeded to take trades, and all of them lost. I then took trades that were not official MESA trades, and... lost. I finally put one last trade on, went to sleep, and guess what? Yep. It lost. Yesterday I was totally out of control. I was on a runaway train of emotion. I did it to myself. I should have walked away after I made my goal. I am shaking my head in disbelief as I type this. Why would you keep working after the job was completed? Wasn't the goal of completing the job to actually complete the job?
The whole purpose of having trading goals it to trade until the goal is met. stupidity at it's finest.
The only good thing about yesterday, is that I stuck to my guns, and did not lose more than 5% of my account. That voice thankfully, I listened to.
The twin terrors of the Forex market are greed and fear. Yesterday is was a mix of both: GREED to make more money, based on peer pressure, and FEAR of not making my million dollar trading goal. It is so hard to reach trading goals, and then, after you lose, get the money, er, I mean pips back.
Yesterday was one of "those" days. Every trader has them to varying degrees. The key is to stop them, before they stop you. Trading is a battle. It is you against the market- the market being other skilled traders that are looking to make money. When they make money, they take your money. Your trading capital is like ammunition. The more you have, the more you can fight back. If you have no capital, you will be financially killed in the battle with the FOREX. Yesterday. I received a graze wound. It did enough damage to hurt me, but not stop me. I was reminded yesterday how painful it is to take a loss, and a NEEDLESS loss at that. When you have made money, or in my case my goal, stop trading for the day. One of my favorite lines from the movie "Wall Street" is"... there is no nobility in poverty".
Lesson Learned: Made your goal? Find the exit!
No. My trading goal was NOT met. Yes, I AM off track with my goal. I will post final numbers on Friday. ( today)
End of Trading Day Balance:$950.27
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