At the time of writing, EURCHF short is still going my way with this account.
Now, the story is going to be about AUDNZD which as you know also went as I called. Happy days, right, everyone should happy.
As an analyst, I’m delighted. Not as a trader because I got stopped out of my own position and it went my way and the position went well over my target!!! >=[
This pair and experience, I thought this would be an excellent one to discuss and examine good practice when trades don't go your way.
Somewhere deep down did I have the temptation to jump back in?
Yes. You could argue I thought “I called it I should benefit.”
Some of you who are newer or experimenting with your risk management might be asking “why didn't you?”
The answer is simple: it would be against my risk management rules (That’s another topic and it is covered in a couple of other article). That’s the part about being mentally tough.
You must follow your plan to the letter. Even if you think “this one time is fine, I’ll make a lot of money”. Because if you break it that one time, you’ll justify breaking it more than once.