Sooooooooo, I took a 100 pip loss this week. I have mentioned several times that a trader must commit to a trading plan. Your trading plan is simply your goals and the rules by which they have committed themselves.
My Goal has been plainly stated right here on this blog. I am taking a lonely $20 bill and adding 6 zeros to be his friend. ;) My plan has been updated, so I will share what my commitment to myself is at this current time.
1. My mentor is the one and only; David Hoyte. I use his Impulse Scalper Strategy. To this, I add only things that compliment it. Precisely, my strategy; Gasolina, and Lyndon McIntosh's Squeeze.
2. TP4 and TP4+ were based off-- you guessed it!-- David Hoyte.
3. You are going to see a pattern here. Paul Okelo and David Hoyte added the Nimbus Breakout.
4. My minimum leverage is 400 pips, and I prefer 800 pips.
5. Depending on the leverage of any trade; I take only 1-2 trades at a time.
6. I respect using a Stop Loss. I do not always use it. If I do add a Stop Loss to any trade, it is a "set in stone" commitment that can not be changed.
Let's get to this loss on GBPAUD. You could hear me screaming... NOOOOOO, not multiple trades in this account.... not this account.... the $20 account can not handle it. Ever box yourself? I beat me up in ways I have not been beat before.
I will establish some truths upfront. This trade broke my rules. Rules are plural. Sweet, short, simple, and it cost me 100 pips. Every loss I can recount has been for breaking one of the above rules. Now I am not making excuses, and I can not disclose ALL the dirty deets, but it was not INTENTIONAL.
If you have not taken time to write out a trading plan for yourself; I recommend you do so before you take one more trade. Tell yourself that if you deviate from it; you put your future in jeopardy. One thing that many of you all express is how much trading is really like life. I could not agree more. Here are a few things I am working on to be true to myself.
1. Take responsibility/own it.
2. Where the heart is, the mind will follow. Our thoughts are full of useless negative self-talk. When we allow our heart to decide, we prioritize what is essential. It is one step on your way to mindfulness.
3. Cut off all toxic or unsupportive people.
4. Stop avoiding yourself. Part of this journey is getting to know you. This should include your why. Why am I doing this? Why did I go outside my own parameters? Why can I help everyone else and not help myself?
5. Accept yourself 100% for who you are now.
6. It is empowering when you learn when it is time to say "NO" and stick to it.
7. Pay attention to your own feelings as much as you do others.
8. Forgive yourself.
9. Give yourself an honest assessment. What are you in control of? Where do you need help?
10. DARE to dream.
READY... here is the trading week. Leave a comment below to tell me how you think I did? With that massive loss and all! ~HIZRIB