Reading the Universal Principles of Successful Trading by Brent Penfold, and he has summarised the common mistakes made during 1st - 3rd year of trading. Highly recommend this book :)
Waiting for the trading setup, and design of our trading plan is two separate idea.
From my understanding, we have to wait for the market, to form a pattern, then only we trade according to the pattern that we are familiar.
If we are trading breakout, identification of the channel, support and resistance is important. Once market has breakout from this range, we do not enter the market immediately, instead, we initiate our trade plan accordingly.
If we missed the entry, there's always another day to enter the market, there's always another hour, another week...
It is ok when I cancel Gold trade last night, we missed the profit of +12 pts, it is alright because market is always there, 24 hours, we can always enter, and exit.
We can enter the market anytime, or wait for the best price to enter, with minimum risk, and minimum stress :)
Happy Lunar New Year, Happy Holiday!
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