My personal battles and why this might help you with your own trading in the Forex arena.
Today has been Day 2 of my 100 Trades Journal and I closed Trade 21 of my 100 Trades giving me a total of 160 pips for the day from 12 trades.
Sometimes tough decisions need to be made and I shall explain why I had a personal battle shortly.
Now, I enjoy scalping and capturing handfuls of pips in a relatively short space of time and I have just focused on GBPAUD over the last two days. Yesterday I caught 134 pips across 9 trades (an average of just under 15 pips per position) and today I caught 160 pips across 12 trades (an average of just over 13 pips per trade).
Well, my last trade of the day was just to capture 12 pips to round my trading day up to 160 pips (I was at 148 pips earlier) and an opportunity presented itself on GBPAUD to scalp some pips again, so I did. But now I've added everything up over the last 2 days, I'm standing at a total of 294 pips... just 6 short of 300 pips.
I have added a note on to my 100 Trades Journal to be careful because I've had 100% win rate over the last 2 days and I even told my wife to tell me to leave the charts alone (because I'll listen to her LOL). This is where the Trading Discipline kicks in - or should kick in!!!
I have more than achieved my daily target, I've caught a decent number of pips from just scalping one currency pair - and this is where I get tested. I know I've done it before, where I've entered a trade again just to round my balance up - or to round my pip count up and more than likely without proper analysis and I've ended up losing the trade and, of course, not rounding up my balance or pip total at all.
So is it really worth trying to grab just 6 pips in order to sooth my ego? No, it is not. And I ought to add that I don't really have an ego - I'm quite a normal, humble individual but sometimes I get it in my head that "I could just round that up". DISCIPLINE - I know I have to resist the urge, the temptation and to be happy with what I have achieved today and walk away and leave it alone. So by telling my wife to tell me to leave it, it becomes something serious!
So that is what I've done - I've left it alone and turned to writing this article about how I was feeling instead of checking the chart and tempting myself into a further trade.
So, to recap - remain strong, be disciplined, resist the temptation, bank your profits and leave your trading and analysis for another day.
Trade 21 of 100 trades completed. At this rate, I should complete my 100 trades (win, lose or breakeven at some point next week. I doubt I'll do it this week - but I guess it is possible.
I hope that this, in some way, may help with your own personal battles - especially when it comes to trading Forex. I would also like to remind you that your Forex journey is YOUR Forex journey. You don't need to compare your results to those around you - and I know that this is easier said than done - but this can also add to your personal battles if you are constantly comparing your results to other traders. Those other traders might have more experience, more time to trade, access to other trading strategies and many other elements that could put them at an advantage to you.
As long as you are making progress (even little steps), banking your profits, not letting your losses run wild, then you will become a more confident trader.
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