Once in a while, I had to surrender what I hv won due to greed. half my profits in week20 was slashed by opening of week21 after I have failed to exit jump trades on week20 due to greed. My only consolation was these jump trade were smaller in pos.
However, another bigger issue that I will like to draw concern to , and reflect on will be to recognize mental mindtraps and work towards rectifying and take action on it.
This mindtrap of concern now is :
Seeing the obvious but not trading it
This is so because of existin AUD bulls position that was in , that made shorting AUDCAD n AUDSGD difficult.
However this could also be one of the market observation that I hv slowly come to comprehend over the years, that:
when a currency weakens, its weakness may be more apparent in 1 pair than another.
they can be detected by speed of reversal pattern formation.
Mindtrap 1 : AUDCAD D1 shooting star
The weakness of AUD had already been shown abt 2 weeks ago, but it was only until last wed that this shooting star paved the way for AUD bears.
At this stage it would have been a short for audcad but audusd could still see difficulties in trying to go long.
Mindtrap2: AUDSGD WR2B with suspicion of s3b4
IN this scenario the obvious has been done; a Wr2B is completed, confluencing with the idea of a s3b4 based on ED channel.
This is sufficent warning to get out on AUD bulls by EOD monday. but yet i hv still held on to jump trades in GBPAUD.
I will have to take this as a good lesson in getting me to continue to move fwd. Everyday I learn something new and I strive to improve everyday.
1.My current conclusion will be that to trade and see each pair as an individual and not to get correlated too much.
Because the dynamics of a pair is affected by 2 ccy. Even though AUD may not move it may be temporarily weakened by other sentiment of other pairs, so:
TRADE WHAT I SEE
2.Also, downsizing a pair and not putting all hopes / all eggs in one basket will be a better way for me to overcome bad entries n missing out on other currencies. End of day, I could be in profits with one moving pair while the other pair stay stagnant.
So diversification of pair, and batching in positions will be key.