a) Desire to "win" in the short-term. I've gradually slipped into the habit of taking trades off before 3R for no reason other than fear of giving back.
b) Lower trade frequency. This is most probably an attempt to "manage" risk when it's really just an avoidance of risk.
c) Not putting on two (or more) trades simultaneously. See "b)".
So here are the renewed rules of conduct. I'm writing them in this post to keep me accountable!
1) Never take a trade off for less than 3R unless:
* There is news, in which case take it off 5 mins beforehand and get back in according to the plan.
* Daily target has been met in open profits.
* It's 21:00 or later (see "3)").
2) Make a conscious effort to have at least two positions on as often as possible to diversify risk/smooth out the equity curve.
3) No trades entered after 20:00. Flatten all trades between 21:00 and 22:10 (all times in Central European Time).
That's it! If I do that for every trade in January, I'll be a happy trader, regardless of the result. Back to the process we go...
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