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Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
Just as I wrote about summer trading, unfortunate events with Malaysian airlines plane crash as well as other Geo political events, sent the market down pretty hard along with two sided volatile action.
Personally this was not an easy trading day, as I did not adjust the stops to match increased volatility only to see the direction of trade come back the way I wanted it.
Trading is not easy mentally! I have seen myself and other traders get frustrated when that happens and start a chain of actions that was not in the game plan and can many times cause much bigger losses…. Revenge trading, doubling down are just a few of our “bad friends” who show up when you are not focused and disciplined….
This is when one should take a pause, small break from trading. Step out, stretch, get fresh air and collect one self composure before deciding if to continue trading and how.
I am glad to share that this actually helped me today stay within my game plan and minimize losses to what i consider “acceptable levels”…
