1st trade I was going to play the bounce off the resistance. Like a previous post I knew if it went opposite it would go hard. This meant more than ever I should keep the loss small. I didn't. It move extremely fast and I immediately saw I was down several pips. I should have exited right then. Instead I held. I was too stubborn in thinking it was going down even though price was screaming to me it was about to move up. And it did. I got out with around a 9pip loss. Ugh. In those moement there were two things I fucked up. One, I allowed too big of a loss. And two, I could have avoided it altogether and had a win instead. Price was telling me it was about to move up. And normally I would have played it that way but I was married to the idea that it was going down and I didn't pick up the clues.
The second trade was also a loss that was too big, around 5 pips. Ridiculous. By the third trade I told myself, "Ok, no more! If we're going to come back from this we need to keep the losses small!" Which I did on the fourth trade.
Next comes a gray area. A trade hit, went positive and went hard. It got to about 13pips positive at which point it consolidated. From that action I would normally feel that price would continue past that point if I gave it some time. So, from that perspective I told myself to hold the trade because once it broke through it would pop nicely. On the other hand, I was spurred on by the idea that I needed a big win. That kind of emotion is harmful to my trading. Even though I pulled it out in the end, again, my trading should never be overly emotional. My motivation for a trade should be simple: Aim where I want to go but trade based on what price is telling me. Nothing more, nothing less. I will work on this.
In spite of everything there are a few positives. Knowing that I've been able to pull ahead when far behind is a confidence booster. Each time I've made the mistake of taking too big of a loss I've made myself aware of it and took the proper actions after. Another positive, is that I'm seeing areas where I can hold longer (when positive) than I usually do. In the future this will lead to bigger winning days a little more often. And lastly, I'm now acutely aware of what large losses do to my emotions and will keep them small consitently. Again, there are only a few instances where it should reach 6pips (never more), but 99% of the time they should be 1-3 only. As Bloody Loco would say, this is something I need to "recognize ASAP. ACE-FUCKING-SAP!!!"
And I will Bloody Loco, I will.
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