Tilt
It's been a while since I've been on tilt like I was yesterday, but I think the losing streak from September to October got to me quite a bit. Granted, I did experiment with a trailing system in September, but there's still an impact when I quantify it.
That said, I will remain transparent with the good sessions, bad sessions, and the downright brutal ones.
Last night, I impulsively decided to punt with a big position given the losing streak that I'm on. Counter to August where every trade seemed to become a winner, the past little while has been the complete opposite. I thought to myself - surely this has to end, right?
I spotted the following level breach on the AUDUSD pair.
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| AUDUSD Daily |
Side note: the idiocracy of this trade is that this wasn't even my primary trend following signal.
The main level that I plotted breached. It looked like downside momentum was picking up. I took a look at the one-hour timeframe.
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| AUDUSD 1-Hour |
The down arrow marks my short entry. The up arrow marks my exit. I took a big position (a lot larger than I should have) and price almost immediately went against me.
What did I do? I decided to hold because surely price should trend downwards, right? Given the size of the unrealized loss floating in my account, I painfully exited the trade.
This was a tough pill to swallow but also a big setback. Need to remind myself:
- Patience: only trade the highest signal quality
- Statistics: it's an odds game, even the most probabilistically likely outcome won't ever hit 100% of the time
- Confirm: wait for confirmation by monitoring the daily and one-hour timeframes to see how price exhausts in the opposite direction