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This week wasn’t the best, but seeing how other traders have struggled it certainly wasn’t the worst.
It was fairly quiet in terms of trades taken – in fact I took only 3 as per my system indications… 1 of which I shouldn’t have – it was triggered from the H1 when really my system says only take from the H4 – BANG there went 41 pips – SEE YA… Good job I ALWAYS have a specific S/L in place I say…
Anyway I took 2 more trades, one which lost me 31 pips and one which made me 42… see, again I wasn’t dead on with following my system to the T in terms of entry triggers using only the H4… and that cost me 41 pips…. If I hadn’t swayed I would have been in profit this week…. Another lesson learned, and I’m thankful I was only down by 30 pips this week – I know others took a far worse beating.
I’m currently over 17% up for October –a figure that will no doubt stay the same as I tend to avoid Monday trading! Why? Because I don’t like Mondays 😉
I CHALLENGE YOU:
Wouldn’t you agree that there is nothing more straining than taking a trade and watching it… +5 pips… +17 pips… -10 pips… +1pip…. WHY do we do this? Let’s face it, our systems should always have a stop loss, and a take profit isn’t a bad thing…. So why watch it and end up taking a 20pip profit when you could have left it and gained 100 pips?… so this upcoming week here’s my experiment, and I challenge you to join me. I’m going to close down MT4 after each hourly check…even if I’ve opened a trade… of course there will be a SL and TP on every trade according to my system, but I just won’t be watching it… I don’t want to see it go up and down, I want to see the finished result, be it a win, or a loss… now let’s see how differently my trading goes and how differently I act in terms of closing trades early and opening them without having the 3 indications according to my system, giving me ‘the edge’.
Let’s call it THE WALK AWAY APPROACH… I think I can do it, can you?
I guesstimate that 90% of people who try this will fail and check after the first 20mins to see how their trade is looking. SPRING! There goes the trap – emotional involvement! Maybe the walk away approach could just help all of us to be the trading robots we want to be.
Feel free to comment this post if you are happy to join in… and I’d love to hear about your results.
Results coming in next week’s blog. Happy trading!