Diary of A Trader 5.31 — Learn To Forget

Yesterday was a great day going 5 for 5 in the markets for over 300 pips of profit. But if there’s anything that I’ve learned through my trading career it’s that money can come fast, but it can go 10x faster. Overconfidence can be a killer…a killer of accounts as traders unrealistically expect the previous days results to all of a sudden become the norm. For that reason, as soon as I finish my daily journaling exercise, I promise to forget the next day and start with a clean slate.

I did see some new action today, unfortunately the result was me giving a few dollars back to the market as I was stopped out of a $GBPUSD position overnight, hit targets on a $EURUSD long and stopped out of a short position on the $AUDCAD around the same area that I sold from earlier in the week.

Me, 10 years ago (man I feel old saying that) would have easily went into revenge trading mode, but years of experience have given me a much better understanding of the game. The game isn’t to win as much as you can, only to lose as a result. Rather it’s to survive until the good streaks, take advantage of them, then survive until the next one.

With tomorrow being jobs Friday I have zero intentions of looking at the markets so, my time will be spent, (finishing up the head & shoulders trading &) crunching the numbers from this months trading.

As always, I have no idea if it was profitable or not, as I focus so much on the process that I never remember the results, but we’ll see tomorrow and if I have the time I’ll throw it into one of our Trading Edge videos and share my evaluation.

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Trader — Trading Coach — Host of The Trading Coach Podcast — Author for Entrepreneur & FX Trader Magazine — Proud Husband & Father — Sports Nerd & Coffee Addict