Lesson #6 - Don't play when you are tired - it's my lesson of the day

Lesson #6 - Don't play when you are tired - it's my lesson of the day

Don't play when you are tired

You remember yesterday. I took 2 positions of 0.10 each.

First to be honest with you, I made a "double click" and i did not really want to open 2 positions....in Metratrader 4, when you click on the trade, you are not opening the box to modify the order, what i wanted to do to modify StopLoss, but open a box to open a new trade. 

I made a terrible mistake with the stop loss.

Mistake

Instead of entering 1.06027, i filled with 1.60270 as stop loss which is not the same at all. Just moved the 6...only 1000 pips of difference.

When I came back, i looked at the graph and wonder myself why my StopLoss was not hit!

The lesson is simple: i taped bad the price.

Then yesterday night :

1- I did not respect my own trading plan with TakeProfit: 66 pips and StopLoss: 100 pips

2- I played 2 times with the same lot 0.10 instead by error.

3- I filled the bad value in StopLoss unprotecting my money.

- I did not check the 1,2,3 and i took a "fire and forget option"

Ok all BAD.

1 - Not disciplined.

2 - I played knowing that i won't be able to check the trades during the next day

3 - I was too tired and i did "fast" my trade to publish the last article.

Yes, all is wrong.

The result, i am loosing 29 USD now...not a drama but i have 2 positions KO and 1 WIN for 3 trades and 0.30 lots.

-29 USD

Then the day lesson :

1 - Never play when you don't have the time to play. If you are tired, want to go to sleep, are cooking or only answering by phone to your best friend, just forget to trade. Be focus

2 - Respect your trading plan. Don't change it after the first winning trade believing that you are the new ninja on the market.

3 - Check, Check and Re-Check : lot size, price, all need to be clear

4 - Never think "Ave Maria" (I hope that the trend will be) or "Fire and Forget" (like the lotery). Your trade needs to be checked after you open it and you need to have time during the next(s) hour(s) to check it. Then play when you wake up for example and be sure that you will be able to check during the day. Never play, like i did, before to go to sleep...forgetting you have your trade running the next day and just counting "on luck" to have a good view last night.

I will respect now the "rest time" after a losing position: 1 day without trading. We are Thursday then my next day will be Monday. NEVER. NEVER play again after a loss. Let 1 day between the bad trade and a new trade you want to do.The "poker spirit" will come to you and you will only waste your money.