Day 47. +28.7. Overtrading and lessons

 
Long one today.

Started off the day with a couple wins for around 5 pips. Normally I'd stop there but I decided to go for more. Well, I think I was feeling a little too confident because I took some trades that I normally wouldn't. On top of that price was really did not want to play nice with my method of trading. But I think the biggest problem was just me getting ahead of myself and thinking I could win almost any trade, hah. This is a feeling I've touched on previously when I mentioned that while playing poker, if I was up a good amount I'd start to get reckless. I actually noticed this feeling within myself over the last couple days and was trying to let go of it. Apparently it still got to me, though there is one very good thing..

In the past if I were down a bunch of money I would feel a sense of despair and I'd think, "Fuck it, I've already lost this much who cares if I lose more?!" and I'd start to make really dumb plays which would cause me to lose more money. Those were rough times. Today, due to the trades I was taking I was down around 15pips. I felt that familiar sense of, "Fuck it, let's take this next trade, who cares if we lose more?!" Ugh. I felt it loud and clear but I recognized it and forced myself to take a minute out. Took some deep breaths and told myself, "No can't take just any trade. Everything will be fine. Focus. Relax. Take only the good trades. If we have a losing day, fine, but lets at least salvage what we can."

After steadying myself I took stock of what I was doing wrong and what the chart was telling me. As I looked at it price was definitely saying it wanted to go down, then I looked at the larger charts and I saw that they agreed. My main chart showed a very distinct pattern and I felt that if there was any way I would salvage the day it would be by taking that one trade. So I had to wait. No just jumping in willy nilly silly billy. And when the trade hits I would have to be patient and let it run just like price was telling me it wanted to do. So I waited and watched very closely. 20 minutes later price hit exactly where I wanted and bounced to continue the same exact pattern. I got in and held, knowing that the momentum of each level break would push it down further. It took a little over 30 mins to get there but it got there and I took a huge win of 40 pips which made up my losses and then some, giving me 7% for the day.

Oh yeah, through the compounding I've been doing this week my account has increased from 50k units to 60k units. Nice!

Several lessons for today:

-Remain humble and focused. Over-confidence leads to mistakes.
-Remain in high spirits. Allow my positive attitude to continually keep me above despair, even at the hardest of times.
-Identify situations where price is likely to run hard, then enter precise and patiently hold.