The last week has been another challenging moment for me, where I had encountered multiple setbacks in my trading. And yes, it was a challenging moment for me throughout the week, and in addition, it felt even worse when I knew I was making such lousy calls on the market. This experience has indeed humbled me a great deal, and I do hope I could share some experience of this short evaluation that I had done up over the weekend:
- Allow the market to show its hand, especially when it trade sideways.
- Look out for the more liquid markets, as their volumes remains fairly thick even though volatility remains high. (e.g Eur/Usd)
- See not trading as making money, instead of seeing it as 'not making money being the same as losing money', where to wait is not a waste of time.
- Leverage should be greatly reduced, and stops should be widened to allow you a chance to allow your trade to work out. And that will greatly help the trader psychologically.
- Stops must be used. In such volatile markets, there is nothing like denial (my GBP/JPY long). Admit that the trend has changed and continue with your next view. In addition, I have exited my GBP/JPY trade at 185.86. It has been painful, but I saw the rewards right after that.
The above should suffice for the moment, and I am glad I have improved further on my trading by blogging. Over the next few days, I will be continuing to post my trades on the blog again. And for the moment, I am now left with no single opened position in the market, and all old positions have been closed.
Cheers.
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