Just some thoughts
I’ve noticed my trading psychology is a huge factor to why I cannot keep profits. last week I spiraled into a 70% draw down & realized it…. The Sunday – Monday session were yet again my biggest losses. so, I’ve decided to cut Sunday trading out since there isn’t much structure to play off and also reduce the lots on phone trades. After going through this I started to manage my trades a little better by calculating my risk. Today I realized what caused my spiral into self destruction. I don’t like being wrong… its pretty stupid that I always say there is nothing wrong with being wrong even though I don’t like it at all…. “As long as you follow the plan you will be successful.”
Everyday after my trade session The first question I ask myself is if I followed my plan with 100% discipline!! I know that if I follow my plan with 100% discipline & manage my risk, then there should be no emotions attached to a single trade since I believe in the plan & its been back tested. End of day every system will have its losses or two based on market conditions, so its mainly about how the risk is managed.
In order to stop the spiraling & self destruction my best bet is to reduce the trades I open…. This way I can ultimately identify my risk often & also reduce chart time & urges that may arise because sometimes I may be in a trade that was not based on my plan or in a zone.