Open trading account 
One of the items of trading psychology - missing out on a trade. It can really affect performance thinking about trades like this, especially when you get stuck dwelling on it.
I missed out on a GBPCAD trade last week. I was short the pair, and saw an area where I expected a reversal. I was looking to both close my position and I had already set a bid in at the same price on Friday. The price came within 4 pips of my target and ranged for a bit. I ended up getting stopped out on my short for break even and missed over a 100 pip move on the long.
I've gotten better at handling these types of trades, as they do happen. And the most important thing I believe is not to get careless and start entering positions early. This would promote fear based trading which can cause a whole lot of other problems.
But I blog today about the benefits. Sometimes these things work in our favor. For example, I had a stop order in the contest account to buy EURUSD today. I didn't get into the trade only because it was a stop order. I would have gotten stopped out of that one as the price did not reverse where I expected.
Another trade, last week I was long GBPAUD, and did not change my TP. There was a big swing up move that closed out my position and then immediately reversed price for a big move down for over 100 pips. My original trade profited 39 pips, but my analysis would have kept me in that trade long enough to get stopped at BE.
So in the spirit of writing the positive side, I show a few examples to keep in mind, next time you miss out on a move that would have made some good pips, there are also trades that we miss out on, that could have cost some good pips.
I missed out on a GBPCAD trade last week. I was short the pair, and saw an area where I expected a reversal. I was looking to both close my position and I had already set a bid in at the same price on Friday. The price came within 4 pips of my target and ranged for a bit. I ended up getting stopped out on my short for break even and missed over a 100 pip move on the long.
I've gotten better at handling these types of trades, as they do happen. And the most important thing I believe is not to get careless and start entering positions early. This would promote fear based trading which can cause a whole lot of other problems.
But I blog today about the benefits. Sometimes these things work in our favor. For example, I had a stop order in the contest account to buy EURUSD today. I didn't get into the trade only because it was a stop order. I would have gotten stopped out of that one as the price did not reverse where I expected.
Another trade, last week I was long GBPAUD, and did not change my TP. There was a big swing up move that closed out my position and then immediately reversed price for a big move down for over 100 pips. My original trade profited 39 pips, but my analysis would have kept me in that trade long enough to get stopped at BE.
So in the spirit of writing the positive side, I show a few examples to keep in mind, next time you miss out on a move that would have made some good pips, there are also trades that we miss out on, that could have cost some good pips.
