For the week, I'm drenched in Gold.
Long a few times, triggered stop loss a few times ... I think 5 times in total.
Some stop loss are losses, some are little profit after market moves in favour.
I'm mentally challenged after the last time my stop loss is triggered. Yet I'm still a strong believer that.. Gold could FLY!
The last 2 attempt to Long - Gold is hovering around EMA50 (4 hrs chart).
And due to many times of losing this Long position, fear creeping in... My account is down 30%+
I only have 2 ideas:
1. Just take profit (afraid that they could go away)
So I adjusted my profit target down
2. If the Long trade is gone again and again... Just let the account burn, anyhow, I might need to experience (burning my trading account) one day.
Gold not only surge up 1670, it went up 1690.
I like the mental game, yeah, market not only made it to 2L, but 3L (powerwave), I'm happy for 2 things:
1. happy that my forecast is printed on the chart - and
2. I'm happy to discover that :
my mind is yet ready (i will work on it) - to ride the full wave.
- Posted using BlogPress from my iPhone
Great trade! The market is famous for being able to psyche out traders with false moves to can cause one to doubt and second guess themselves.
ReplyDeleteIt's when a trader's back is against the wall with losses weighing on the mind where the true test of a trader comes out. Can one still operate as fresh or does one start to get gun shy and start hesitating?
You weighed the options and held true to your analysis and plans. You accepted the possibility of loss and didn't let it affect your behavior.
The end result was the trade worked out great and you didn't have to suffer from not being in the market and seeing the anticipated move go without you. =)
Congrats! These are the types of trades that define who we are and make us stronger going forward.