Good morning folks!
I bring to you sad news today, after being 6 pips away from my profit target EUR/NZD retraced to take me out for breakeven sadly. It’s slightly disappointing because I was counting on it to bank.
While I know I’m not the center of the universe (or am I? Is all of this a simulation eh?) I truly believe that when you really want something to happen, especially in trading, it’s extremely likely not going to take place instead it’s going to do the opposite of what you wish.
Have you ever heard of someone saying “I’m taking this trade to buy myself a watch – but I need it to win for me to buy it” I’m willing to bet the trade lost money. It’s funny I’m currently going back through Jesse Livermore book and the exact same thing happens there, when he really wants something, when he needs the market to pay him he loses money.
When we stress about the outcome rather than the process we exponentially increase the odds of a negative outcome.
Why was I so stressed about the outcome of this one trade that didn’t even look great? Because I now only have two weeks to make 2.6% (I’m risking 0.5% per R on that account so that’s around 5R) to obtain a second investor account through fivers. Banking that 3R would’ve made it more likely.
Why did I need to execute it? Easy, they asked me to close my CAD/CHF position due to their margin requirements – that would’ve banked around 2.5R by now.
But it’s easy to blame others, while it’s true that it would’ve helped me. the real reason I need it is because when I was in Canada I missed one scale in on EUR/JPY which would’ve banked 6.64R. So all in all I’m responsible for it and should’ve focused on my process more.
That’s it for today forex wise
I am also still long ALCZ, DOT and 1Inch the first two have stops placed in profit.
I’ll admit, I do rather enjoy those white charts at the moment
Have an amazing dayfolks