I started off this morning at 8.35am, later than usual, determined to make a change to my norm. But as soon as I start trading, a gambler comes out – I am a big risk taker right now, this is has to change. I finished today for +2 pips, but the method used in attaining this was wrong.
My first trade was a lucky -3 pips. My second trade was a lucky +3 pips. And my third trade was a somewhat lucky +2 pips.
What I say and do is fundamentally different. Why is that? Before entering the first trade today, I said to myself, I’m trading at £50 per pip (though in actual fact it is less that 10p – I haven’t broken this rule) so I can’t afford to lose even a pip, I have to wait for the right opportunity, I have to GOWID if I have the slightest doubt as to where the trade is going. But these affirmations, did not materialise in any of my trades today.
I also remember saying to myself last night in bed that before entering a trade, I must be 100% sure that it will go positive straight away and if I’m not, I should not enter the trade. I said to myself that I must remember this today before trading – now that I put it down in this post, I didn’t quite remember this point before trading today. However, this is crucial for my success right? It may take some time, however, practicing this rule along with GOWID should ensure that I have far few trades, far fewer negatives and leave me in positive territory every week. I remember in one of Sid’s Sunday calls, one of the members said they used a scoring system to determine if they should enter a trade or not. All you had to do was, in the split second before entering the trade, give it a score between 1 and 10 to determine how likely you thought the trade will go positive straight away, 10 being 100% sure it will. From past experience, I know tricking the mind into doing the right thing works, perhaps this will work for my Forex trading.
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