Trading Psychology - It isn't easy!
Psychology matter isn't comes handy in forex trading.
I experience it the worst this week.
Thing goes as I wanted on Monday, as the market gone ranging since last Friday.
Alright, Here's what I mean
Monday.
It moved within the daily range beautifully and I managed to get some pips.
Tuesday.
Still predictable and I got some nice pips.
Wednesday.
I became cocky as I was already in profit for 3 consecutive days. I assume that market will goes within the same range, so I decided to open short position. I analyse the candlestick, and it seems reluctant to goes down. Here's the mistake I have commited. I should have to trust my eyes, not my expectation. So after I lost more than a hundred pips, then I decided to do switching. Luckily I successfully did it and not only recover the loss, but in profit.
Psychology I meant here
- Try to trust your eyes, not what your expect
Thursday.
This is the worst day in my trading week. I have an experience mentor - trader, and he is good in trading. Furthermore, I can see his life trading account. So, if I wanna play the easy way, I might just replicate on whatever he is doing in the chart.
That exactly what I did. I look at the chart, it is still bullish, and I double check it with his trading position. I assume he was highly confident as the position he opened was huge and I did what we ALWAYS do. Monkey see, monkey do. For this, I have to pay a price, I blew one of my account.
Psychology I meant here.
- Do not blindly follow whatever signal that you get from whoever expertthat it may comes from.
See you next week. Cheers
- Do not hesitate in your trading decision making, or you ended up in loss.
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