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enoc_FX's Trading and Psychology Journal

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enoc_FX's Trading and Psychology Journal

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  #1 (permalink)
Winter Springs Florida United States
Posts: 2 since Oct 2012
Thanks: 1 given, 0 received

Will use this journal here to put down the following - Lessons learned about trading, progress of live account, observations about the market, and analogies and paradigms for improving the mental aspect of my trading.

A little about me I only trade spot Forex GBPUSD and GBPJPY using breakout at specific time only 4 AM ET for GBPUSD and 2 PM for GBPJPY profit targets and stops are 1 to 1. I have been trading Forex since 2005 lost my initial stake of 5000 and have never been able to add that amount back in. Trading a smaller amount now but I have realized the following -

1. Since I didn't have a trading plan when I started everything I did was basically a mistake.
2. My ego had been conditioned to not accept losing at all, via schooling, parents, tests, the negative side of getting something wrong.
3. not valuing money just throwing money away not knowing how to budget myself.
4. Not sticking to the same system\plan during draw down, I can tell you how many times i have changed systems after 3 or 4 losers in a row repeating the cycle.
5. Without your mind right and ego in check there is no way you can mentally handle this game.

I have basically blocked out all noise now, and focused on my rules only i have noticed even following my rules how small inefficiencies and mistakes can throw me off dramatically you really need perfect execution. I always seem to make 1 or 2 mistakes even following my rules its really amazing how the mind works. My goal now is to perfect the process day in and day out and note the results. To keep my emotions and mind on an even keel despite what my PL is going through.

Will be doing some book studies and how they apply to trading first one I would like to tackle is Art of War.

This one describes very well having your mind right before stepping into the market.

“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win”
― Sun Tzu, The Art of War

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  #3 (permalink)
Winter Springs Florida United States
Posts: 2 since Oct 2012
Thanks: 1 given, 0 received

Still short this pair from last week focus is on making no errors profit loss makes no difference. follow the process only. Target 85 pips 75 pips to BE.

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Last Updated on November 4, 2012

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