DAY 10 Trade summary on the Account.
I took 1 trade setups on the Account today.
USDJPY (buys)
Total number of positions- 2
Trade Result: -$4975.31
Commission: -$100
Total= -$5075.31
EOD Account Balance: $92403.11
Comment: My 42nd trade was the deal breaker on the account. Because I didn't want to close in a loss and was so eager in taking the account out of drawdown, I opened 10 standard lot, 2 positions on the trade setup. When I started seeing reversal signals that should have made me cut the loses short or still keep to my max 2% risk, I ignored it and rather adjusted the SL in a bit to contain the losses and with expectation that price will reverse until I adjusted to the daily limit.
I broke my trading plan and paid dearly for it, costing me the account.
None of us controls the market, but we can control our trading choices, but more often than not, we fall victims of ourselves and decisions that wrecks our trading, and this is one of those decisions. The one time that that trading plan is broken, can be the last time for the account, but also remember it is a big opportunity to sit, learn and correct your mistakes, and improve on your process.
My lessons: As a trader, discipline must be a daily choice. I shouldn't be disciplined today, and loose guard tomorrow. I must always be on guard, and it must become a character that is put to use every day. The discipline required as a day-trader, is different from the discipline required as a swing trader, because it must be exercised every day, not random days, and be able to accommodate the daily mental pressure, and still stay on the winning edge.
My discipline score on the dashboard has been the only stats increasing, and that has been very encouraging.
Friday was a tough one, but I'll open another Account and try again, this time with a new trading plan and I'll focus more on improving the win rate and profit factor.
