So for those of you keeping track in the stocktwits stream, last week was a pretty good week for me trading Forex. The market provided the trend, and I exploited it for a grand total of 550 booked, realized pips on equal weighted positions. Inside of one week.
I have spoken in the past regarding the ‘loss mind burn’. In other words, when you get kicked really, really hard in the stomache by the market, how to work through the pain of that experience, and step up to the plate again while your mind is saying …
What are you nuts? You are seriously going to perform the same action that is causing all of this distress?! Uhhh … have you totally lost it??!?
That is the ‘loss mind burn’.
As well, there is a ‘win’ mind-burn.
That can almost be more destructive.
Because you get cocky, and then you do something stupid.
What??! A losing trade? I can’t have a losing trade?!! Don’t you know who I am? Don’t you see these wins?! I can’t have a losing trade!?!
And let me tell you. After 550 pips in one week? I have the ‘win’ mind-burn.
Another Forex trader I know from another country put it well.
The trick in trading is to remain confident while losing, and humble when winning …
Good advice …