Followed along nicely today although I just missed the xxx69 short just. 18:20 ish on the chart (CET). I like the fact that I took all viable signals...something which should obviously always be done.
Ran the first of the two wins. Indecisive on the 2nd/last win. I had three choices:
1) Take the single (6 pips) and take no further action.
2) Take the single then get back in for the expected bigger move.
3) Hold through the pullback AND hold for the bigger move.
...I chose a hybrid of 1) & 3). I wanted the bigger move but then allowed the fact that it came back to break even (and into the red) to shake my resolve, exiting close to the 1 min pivot that it created the first time around.
TWoT (well, four...but you get the idea!)
Reminds me of the time I stepped (yes, stepped!) off a moving bus. Not the smartest thing I've ever done, I'll admit :/
I was trying to follow my mischievous friend who enjoyed doing things like smashing bus stops, doing graffiti or using the emergency exit feature of a bus to jump off whilst it's still moving... leaving behind a blaring alarm and a pissed driver!
This time, I was onboard with him. His act caught me by surprise and so I had to decide whether to stay onboard and face the wrath of the driver or jump off of the relatively slow (it was doing about 15-20mph...)moving bus...
...I couldn't commit to a decision. So I stepped off...lol! I realised I had done the wrong thing by making my non-decision when I woke up on the floor after stepping in front of a street light pole!!! I still remember asking myself what the swishing sound was as I picked myself up off of the floor. I'm sure you can imagine what it was :)
Personally, I think it's better to make ANY decision, even the wrong one, rather than be indecisive. You're almost always going to get a worst result if you don't.
2 comments:
Hi MM, thanks for stopping on by.
Like the observation on your chart: 'In again when my stop confirmed the move'. That comment sums up what trading can feel like sometimes.
Indecision can be a problem in trading. It can be less harmful if indecision leads to lack of action - you may not make anything, but at least you don't lose anything! Unfortunately, indecision often just leads to frustration with yourself which can be a dangerous thing. Missing a trade and then getting in at the wrong time because you get frustrated that you missed the first signal, and then (obviously) it goes against you and you get stopped out, which just leads to more frustration and indecision and doubt. It can be a vicious downward spiral.
There's only so many times you can step off a bus and into a lampost!
"Unfortunately, indecision often just leads to frustration with yourself which can be a dangerous thing. Missing a trade and then getting in at the wrong time because you get frustrated that you missed the first signal,..."
Absolutely. It took me a long time to even attempt to fully test an idea, even in SIM because I couldn't accept being wrong. I think the pursuit of perfectionism in this field is an extremely dangerous thing.
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