Ok. Let me analyse and try to plug in the gaps.
1. Took whimsical trades - Not really whimsical but it was more of a greedy trade. Was observing that the BNF may rise and within 10 secs. it did go up some 40 points, so in the greed of missing out on the rally got in the trade with 2 lots but must have done some wrong 'cuz when it fell by 30 odd points another 2 lots got purchased. And this is where I adjusted my stop so they were the biggest losers.
1. Took whimsical trades - Not really whimsical but it was more of a greedy trade. Was observing that the BNF may rise and within 10 secs. it did go up some 40 points, so in the greed of missing out on the rally got in the trade with 2 lots but must have done some wrong 'cuz when it fell by 30 odd points another 2 lots got purchased. And this is where I adjusted my stop so they were the biggest losers.
Markets may rally up or down very fast but if they are not at price point levels, no trade at all. Moreso, if their is a rapid sharp movement.
2. Took revenge trades - Took a trade after the initial loss and it went up immediately, and I could have got 90 odd points but as I was busy so could not monitor it and sold it with just 40 points. Should have stopped here as I was able to erase around 35% of my deficit but went in again at a higher price and it nosedived.
3. Took too many trades - I should have stopped after the 2nd trade but I kept on pushing my LUCK.
5. Modified SL on the negative side - Did that just once for 32 points but did and was not correct.
6. Hoped - Perpetual newbie trait.
7. Was talking to the market - Again a newbie trait.
8. Had bigger position size than I could have afforded - Revenge trades are like this only when you want to get back from the market what you lost. Newbie trait.
9. Did not follow the levels - What did I learn over the last weeks if I could not implement them?
10. Feared - Lost so much that it came out naturally. Again a newbie trait.
2. Took revenge trades - Took a trade after the initial loss and it went up immediately, and I could have got 90 odd points but as I was busy so could not monitor it and sold it with just 40 points. Should have stopped here as I was able to erase around 35% of my deficit but went in again at a higher price and it nosedived.
Markets will give me more opportunity. No trade within 30 mins of one losing trade.
3. Took too many trades - I should have stopped after the 2nd trade but I kept on pushing my LUCK.
Markets will give me more opportunity. No trade within 30 mins of one losing trade.
4. Kept SL more than risk appetite - Should not have kept more than 50 points as SL on the 2 lots but kept it at 70 points even when I went for 4 lots.
No deviations to this. If SL has to be increased then lower the position size.
5. Modified SL on the negative side - Did that just once for 32 points but did and was not correct.
No deviations on this too.
6. Hoped - Perpetual newbie trait.
If the SL and position size is correct, no need to hope.
7. Was talking to the market - Again a newbie trait.
If the SL and position size is correct, no need to talk to anyone, least of all the markets.
8. Had bigger position size than I could have afforded - Revenge trades are like this only when you want to get back from the market what you lost. Newbie trait.
No deviations on this. Position size should correspond to the risk appetite.
9. Did not follow the levels - What did I learn over the last weeks if I could not implement them?
Random trades without following the levels will not take me anywhere. Discipline required.
10. Feared - Lost so much that it came out naturally. Again a newbie trait.
If the SL and position size is correct, no need to fear.
Takeaways:-
1. No Hoping.
2. No Fearing.
3. No Greed.
4. Strict adherence to SL.
5. Strict adherence to position size based on max. risk.
6. Adherence to price points/systems only.
7. No. of trades only on the basis of winning streak. 2 loss in a day, consecutive or not, no more trade.
The more disciplined I will become, the more lucky I will become.
The more disciplined I will become, the more lucky I will become.
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