The past few weeks prior to this were paricularly confidence boosting. I had experienced a string of wins which put me close to breakeven. Unfortunately, last week, I erased a majority of them due to greed. Ah, a classic newbie mistake.
Basically, I held on to trades too long HOPING that they were going to big the biggest trades of the month (year even). I held on to them despite evidence to the contrary. They were counter-trends and did not go along with the overall market sentiment. What enticed me to hold on to them even more was that they worked out pretty well in the beginning.
Because of this, I've decided to shift my goals to a more behavioral one than a technical one. Goals such as % gain per month and average pip gain are still there but I'll be putting much more emphasis now on discipline. I realize that I won't be able to reach breakeven if I don't get a grip on my psyche when I'm nearing my goal.
What I plan to do is be more stoic again, similar to my behavior during my winning weeks. I will stop moving profit targets (at least I'm not moving stops!) and stick with the plan. The "trade of the year" will come, but I'm not goign to force it.
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