Levels on chart! Bit of a different post to the usual! Reason being that as a trader you have to have the correct mentality towards it! The market can play games and most can give up, chase trades, double position size because they've taken a loss, trade pairs they haven't before, move stops away from entry leaving them open to huge risk, the list goes on!
My bias was Short on this pair and predicted a move down from where I entered on the initial trade, price eventually proceeded downwards and we were moving nicely, I was actively managing this position on a lower time frame to protect myself where possible, We eventually come to within 15 pips of my TP Target and reversed before being stopped out for - 5 PIPs...
Most would take the loss and move on feeling the world is against them (I used to be one of these traders) They may of taken a loss much wider where the initial stop loss was if they was not able to actively manage the trade or this is not part of there trading plan...
My mentality was that I will now wait for another Short signal as my bias remains the same and added to my previous analysis with three more technicals giving me more confirmation that a sell is the correct choice... I pulled my TP target in to where we had previously reversed which was the 0.7100 even handle... My SL was also able to be tighter allowing me to still get over a 1:1 Risk Reward...
Some may say 33 PIPs is nothing, But its 33 PIPs more than i would of had if my mentality was to walk away or not follow my trading plan...
Moral of the story is to trust yourself, be confident in your ability and follow your trading plan! Don't be afraid to re enter a trade after taking a loss, as long as it meets your rules and you get an entry signal that meets your criteria there is opportunity once again!
SMART TRADING
My bias was Short on this pair and predicted a move down from where I entered on the initial trade, price eventually proceeded downwards and we were moving nicely, I was actively managing this position on a lower time frame to protect myself where possible, We eventually come to within 15 pips of my TP Target and reversed before being stopped out for - 5 PIPs...
Most would take the loss and move on feeling the world is against them (I used to be one of these traders) They may of taken a loss much wider where the initial stop loss was if they was not able to actively manage the trade or this is not part of there trading plan...
My mentality was that I will now wait for another Short signal as my bias remains the same and added to my previous analysis with three more technicals giving me more confirmation that a sell is the correct choice... I pulled my TP target in to where we had previously reversed which was the 0.7100 even handle... My SL was also able to be tighter allowing me to still get over a 1:1 Risk Reward...
Some may say 33 PIPs is nothing, But its 33 PIPs more than i would of had if my mentality was to walk away or not follow my trading plan...
Moral of the story is to trust yourself, be confident in your ability and follow your trading plan! Don't be afraid to re enter a trade after taking a loss, as long as it meets your rules and you get an entry signal that meets your criteria there is opportunity once again!
SMART TRADING
