I just thought I would share this thought with you guys. I've made a personal discovery about myself with trading this morning.
I didn't do well yesterday, but it was a bad personal day overall and that probably didn't help because I kept making mistakes probably due to distractions and stress. I left one trade running last night with a stop loss and went to bed. The reason I left it was because I refused to take one more loss yesterday. So I let it go.
When I got up this a.m., it had given me 114 pips. Well that was pretty cool. I'm not saying I'll leave trades overnight like this because of the risk, but I lucked out.
I placed a trade this a.m., then walked away to tend to my little dogs and get coffee on. Normally, I stay and watch my trades like a hawk. But I saw on this trade that it looked like I would have to bail out because it suddenly turned on me. So I walked away to tend to things because of course, I had placed a stop loss. I figured win some lose some.
When I came back to my desk about 1/2 hour later, I found that it had given me 156 pips. I'm not talking pip value, just the pip movement. So between the wee hours of the morning and early this morning, I had gained 270 pips and it's only 7:20 a.m.
So what I've discovered is that perhaps I watch my trades too closely. When I do this, I have a tendency to pull the plug when it make a little bit of a profit in fear that it will go down again, or I pull it when it looks like it is losing.
What this is is about trust and believing that your indicator works for you. My little Corrie, as I like to call it, is something you can trust and you can walk away from it and allow it to do what it was meant to do. If I'm sitting here bailing out with a little profit or bailing out when it appears to be losing is NOT allowing the Corrie to work. That's my discovery about myself.
So now I am going to try and break the habit of staring at the screen when I place a trade, go about my business and actually get something done during the day and hope for the best. I'm sure there will be times when I'll take as much a loss as I gained this morning, but that's okay, because percentage wise, the Corrie will always win out.