This blog is my journey in forex . From day 1, I vowed to stay transparent about my progress. I feel really sad when i succumb to loss and therefore at times , i don’t even feel like blogging.
But that has to change. I need to overcome my fear and confront it. I have to follow my process no matter what. I know process over money or anything shall lead me to success.
Last week, we have seen some volatility especially with European currencies . I don’t care about the fundamental so i don’t know the reason exactly but i feel volatility is coming back in the market.
We have seen big movement however we did not see any follow through. There was no direction. I could not figure out which currency was the leader. It was a massive whipsaw it seems. And in the process , i lost money. I guess I’m almost 4% down last week.
Here is another fear, when i lose, i tend not to see my progress graph. I completely omit it which hurt me in the past. Now that i know, i adjust my position size accordingly. In the past, after big loss, i was a firm believer that a big win is in the corner and shall wipe off all my loses. Needless to say, that never happened. I would go even more deeper.
However this time around , i knew what was coming. I lowered my position size in accordance to my account size.
This way, my loses are not that big like before.
I would only up my position once i get back to where i was. Now that i know i won’t have a big loss money wise, so it won’t affect my natural flow of taking trades. I should trade what i see, not what i believe is right.
Trading is incredibly difficult job. It is not like other profession. I say trading is even harder than achieving PHD or being a pilot. At least these jobs, you are bound to success if you work hard. Trading, no mater how hard you work, if your mindset is not right , you are destined to FAIL. Very few people can maintain that level of discipline.
So after a losing week, i had gone through my trading journals. I checked each and every trade, also read what I have written at the time of entering trade. Just one mistake I’m doing over and over again, punching out early from the trade. The moment i decide to punch out, in seconds i notice the trade would go my way like massive move. This is very frustrating.
On Monday last week, i made the same mistake. It was supposed to be a winning day for me but because i bailed out early, i lost.
After that, rest of the week i could follow not to punch out early and i guess i got the fruit of it instantly.
On Thursday at one point, i was down -43 pips. It is a lot in my world but i could finish the day just -6 pips as AudUsd has given me +30 pips. If i was the old trader, i probably would have taken my trade out early. Thanks to me, i held on it.
Also My blog has been featured on FeedSpot blog. Thanks to Anuj Agarwal for kind gesture. They have list of the best 200 forex related blogs on his site. Check’em out, ton of resources.
So, good things are coming ahead for sure. I know one losing week means nothing , but I’m once again pumped up for the next week.
Bring it on !!