Anyway, this is proving more challenging than I thought it would. I'm really used to getting in and out fast. So holding on presents me with a few challenges:
1) The time spent waiting for the target to be hit. My thoughts were back and forth. "Ahhh, this fuckin sucks. About to lose this trade. Oh wait, it's turning around, cmon keep going. Yesss..oh wait it's coming back. Shit! Go the other wayyyyyyyy!" and repeat. I must work on remaining calm. I have the patience to watch the screens for 3 hours until a good set up comes so I know I have the patience for this if I apply myself. I will do it.
2) I'm not use to the size of losses. The larger wins will offset the losses but still, mentally I'm aghast when I see a 10+ pip loss when I'm used to seeing 1 or 2 pips. This then puts me in a bit of a funk thinking I'm further behind than I am. This then led to the last challenge...
3) This was the dumbest thing I did. At the end I felt really far behind and felt the pressure to hit a homerun. The last trade on the chart was a 15pip winner at one point but I was gunning for 20+. Had I taken that 15pips when the price seemed to have trouble I would have come out a small winner for the day. However, it felt like in order for the day to be worth the trouble I went through in the previous trades I needed to have at least a 10+ pip day. So I held on. Price went down down down. And THEN, I had to get to work so I left the trade on and went to work. Check on prices later and saw I must have been stopped out. Now that was soooooo stupid. There is no way I'd leave a trade like that if I were trading several lots so why the hell do it now? Stupid stupid choice. Which just illustrates to me that I need to make some changes to my mindset in order to successfully trade PA setups with larger losses/wins.
So how do I overcome these challenges...
1) I will have to be aware of my mental state. When feeling flustered I will breathe slow. I'll do some pushups. I will remind myself it's all part of the plan.
2) This will resolve itself I think. As I trade this way more often I'll get used to the size differences. But if I start feeling flustered, see #1.
3) This one will be the most challenging. But a good place to start is probably to put myself in situations where I'm more likely to win a trade that will cover several losses. Something like a 3:1 ratio in profit to risk. So far most of my trades have been 1:1. So when I lose a couple in a row I feel pressure to now win 2 to 3 in a row. But with a 3:1 ratio I can be right just once in 3 times and still come out walkin like I'm in the lollipop guild.
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