David's journal

[Michal]

wow i havent seen so far anyone trading gold on m1 looks really interesting good luck :-bd

[immy]

Got an hour or so of trading in this morning. Missed out on a huge opportunity. Doesnt matter, there will be many more.

2014-12-01_AmazingGoldFruits.png

Fantastic moves... lovely Fruits right at the bottom of correction. perfection. wish you're able to hold next time and again and again and forever

[azadar]

Today was a great day turned into a bad one due to overtrading and me not listening to Immy's advice. Should have taken the rest of the day off after I was at +75 pips.

I have a serious lack of discipline that I need to address. Not being able to walk away when I know I should has hurt my account more times than I can count and this needs to end for me to become a consistently successful trader.

[immy]

10 minutes and you were up that much. I told you seriously don't come back consider this as a reward for your previous good behaviour. But our ego makes us believe that we are invincible. We think its US , ME who made those pips. I CAN DO IT AGAIN. But its pure statistics. If you've achieved your daily goal let alone more than daily goal your job is done stop trading and do something else. What could have happened, you could have increased it more, decreased the total or kept it where it was. 3 possible outcomes. You decreased it, never mind it happens. NEXT HAVE FUN

It is VERY Important to learn to STOP. specially when you're a day trader. There should be a Maximum Loss Limit as well. Mine is around 2-3%. If i'm down this much i know something is wrong. I stop. Common sense says, no don't stop if you stop this will only perfect it and this day will definitely end with that drawdown. But thats the macro equivalent of not having or moving your stop loss for your individual trades. Just like when people start they don't know the importance of Stop Loss it takes further time to find out that there has to be Session, Daily, Weekly, Monthly and Account Size based STOP Loss levels as well. e.g.g If you lose 30% of your account you must STOP. Evaluate and find out what's happening. Rather than just carrying on you must STOP, investigate find the problem correct it and then continue. etc.

[azadar]

I like the macro stop loss analogy. Makes perfect sense. Thanks Immy

[azadar]

Just a quick update. I am taking a break until I come up with a plan on how to be more disciplined.

[azadar]

Still on a break but starting to feel the need to trade. I am expecting a baby girl next month so I probably wont have that much time to trade in the coming months. I will focus on LO for 2 hours then call it a day.

In the meantime, I will go back to forex tester 2 with the aims indicators and practice to make sure I dont lose all that I learned during the last few months and build my confidence back up.

[zlabis]

Still on a break but starting to feel the need to trade. I am expecting a baby girl next month so I probably wont have that much time to trade in the coming months. I will focus on LO for 2 hours then call it a day.

In the meantime, I will go back to forex tester 2 with the aims indicators and practice to make sure I dont lose all that I learned during the last few months and build my confidence back up.

Hello David,
very good news. I hope you and your family is doing well and I wish you all the best with your daughter.

Looking forward when you make it back here )

Cheers
Michael

[immy]

Still on a break but starting to feel the need to trade. I am expecting a baby girl next month so I probably wont have that much time to trade in the coming months. I will focus on LO for 2 hours then call it a day.

In the meantime, I will go back to forex tester 2 with the aims indicators and practice to make sure I dont lose all that I learned during the last few months and build my confidence back up.

Hey David i wish you all the best, and hope baby girl arrives safe and sound. congratulations! and btw 2hrs should be more than enough...

cheers

[azadar]

Thanks guys