Trade discipline

Trade disciplineJanuary 2, 201415.40 gmtThis morning my system gave a short signal in EURUSD and I exited my EU long at 1.3762. I didn’t flip since I already have an $8/pip short at an average of 1.3668. For a moment, I contemplated adding to my short, but decided against it on the grounds that it would make my EU exposure too large. Good risk management discipline.Since then EU has fallen almost 150 pips today. I wish I had added to my shorts. But then I remind myself to be patient and focus on the trade, not the money. As long as I trade well, the money will add up. This is a difficult discipline to master, I can attest to it. But my goal is long-term consistent profits, so …

via Zen and the Art of FX Trading:

15.40 gmt

This morning my system gave a short signal in EURUSD and I exited my EU long at 1.3762. I didn’t flip since I already have an $8/pip short at an average of 1.3668. For a moment, I contemplated adding to my short, but decided against it on the grounds that it would make my EU exposure too large. Good risk management discipline.

Since then EU has fallen almost 150 pips today. I wish I had added to my shorts. But then I remind myself to be patient and focus on the trade, not the money. As long as I trade well, the money will add up. This is a difficult discipline to master, I can attest to it. But my goal is long-term consistent profits, so I’ll stick to my discipline and trade well.

Good luck to you all!

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Trade discipline

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