Psychological factors?
Diligence and time.
When a trade goes
against a trader, there can
be a wide range of
reactions.
“Why does the loss anger
this particular trader?"
Mad at being wrong?
Too much pressure?
Control issues?
It’s a long process……
Will often require a
paradigm shift.
Some mistakes
are a little easier to fix.
How we think will
dictate our behavior.
It is our behavior that will
determine our outcome in
everything we do.
Whatever method you are
trading should be covered
fully in a trading plan.
Don’t watch every blip.
Have someone else set
up your positions.
Stay away from forums,
Twitter…….
There are also those
mistakes that happen
because you
did not pay attention.
I use FX retail market for
position/swing trades.
I use the currency Futures
market for volume.
I was looking at USD
strength over CAD.
Let's break down this
trade and you will see the
trading mistake I made - it
falls right into the "easily
fixed" category.
Symmetry projection from current low
CAD FUTURES WEEKLY CHART
Low not confirmed
until high is taken out
Complex correction forming.
Trend resumption to downside.
Consolidation forming.
CAD FUTURES DAILY CHART
Daily CAD Volume
Higher volume into support
USDCAD FOREX DAILY CHART
Higher lows into resistance
No recent O/S or current
O/B on this breakout
Initial stop at 2X ATR
The mistakes I made were
easy to fix:
Follow the trading plan.
The conditions to put the
probabilities in my favor
were not present.
If we classify trading
mistakes, this is not an
account ending error.
Follow one of the most
important rules:
Watch Your Risk!
Slick marketers will try to
sell you all the glitz behind
trading.
Find your setup
Place your trade
Reap the profits
It's never
that easy
If we lose, lose by
doing things right.
Ensure you take your
trading mistakes seriously.
There are many things we can't control in trading.
Control what you
can control.