It’s very easy to lose money on days like today. Days when the market bores you to sleep only to take off like a rocket. That was the case today.
After finally importing my pre-market checklist to my writing tablet (which was one of the main reasons I bought it in the first place, aside from it being a present to myself after a successful trading year) I was excited to put it to work and see what the market had to offer. Literally less than 15 minutes later I was done, with one, maybe 2 low level potential setups on the radar. Yesterday was a busy day in the market for me taking three trades, so it was no surprise that on a summer day, with no high impact news on the radar, the markets may give us a snoozer.
As I opened the doors of the Live Trading Room at 7:45am to do one more quick run through, I noticed that the GBP pairs had exploded. Now in the past I could have easily seen myself trying to jump on the move for the pure fact that there was nothing else happening and I was eager for action. But the experienced & knowledgeable trader that I’ve become (mainly from spending years donating hard earned profits to the market in return for lessons) knew better. Just as expected, the initial panic was soon corrected as the public decided to stop running and actually look back to see what they were running from.
Yesterday was a great day of trading, and today was even more profitable as secondary targets on the $USDCAD long were hit (after going sideways for 20 hours…seriously). But if there’s one thing that I’ve learned over the years it’s that profit comes fast, but it leaves even faster. So my goal is simple. Just don’t do anything stupid.
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