Wednesday, 25th April 2018
W for Wednesday, W for Winners!
Although I managed to get a 100% winning score but my trading results could have been better overall.
Today's trading session has been a tough one to begin with, I have been selective with my entries and although at one point my positions were nicely in profit, the market however decided to retrace towards my entry with lack of momentum.
As a trader you are required to allow the market room to retrace and time to mature, but in this instance price failed to continue after the retracement with no follow through in the direction of the immediate short term trend and I ended up giving back most of my gains from a couple hours earlier. Had I decided to close my positions earlier, it would have resulted in me taking a couple losing trades and perhaps the opportunity cost of a larger profit potential? All too easy in hindsight!
Successful trading is about making tough decisions, most traders are too focused on getting a high percentage of winners.
Remember, a 100% winning score does not necessarily put you ahead in the game but what counts is the number of Pips gained in the account at the end of your trading session. It's pointless getting angry and upset if your trades did not go according to what you had anticipated. Remember, the market has a mind of it's own but if you stick to the plan you can get it right sufficient times to profit from it.
Learn the Art of Financial Speculation, Accept that every new day brings with it a new challenge!
Here are my results for today, Wednesday:
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