End of the week, evaluate!
Wow, I am happy to report that I had my most profitable week ever this week! I ended the week with +630 pips. I am really proud of myself for being very diligent about following my trading rules, creating a daily trade plan, and then trading that plan. Easy cheesy! Well, not so easy. I definitely had a couple trades that were much more risky and I did not close them as early as I should have. I think the reason for those trades are what I call “trader’s high” trades. Often when I start the day early with some spectacular trades, I feel this feeling of euphoria, I want to put on another trade! My judgement then gets clouded. And then my “trader’s high” would rather stay in a losing trade that “might” turn back in my favor, rather than cut the loss quick and preserve my capital. Afterall, that’s the number 1 rule: PRESERVE YOUR TRADE CAPITAL AT ALL COSTS. So, here is how I am going to fix this “trader’s high” problem: new rule: YOU MAY ONLY TRADE A MAXIMUM OF THREE TRADES PER TRADE DAY. CHOOSE THEM WISELY. I have also just edited my trade plan sheet to show only 3 trade entries. No more than that! Now, maybe next week will be even better. Good trading!