There go the previous week's profits! I managed to undo all of my gains from the previous week as the market ate me up and spat me out. A terrible week, results-wise!
To be honest, I never really got firm footing, and felt as though I was always on the backfoot. I didn't really do anything differently. I think the market environment last week was just way too unpredictable and well, crazy. One day, risk would be on and the next, off. I mean how else can you explain the GBP/USD rally just minutes after the release of ugly UK data and even uglier (by ugly i mean dovish) MPC meeting minutes. It all didn't make sense.
Anyway, I suppose weeks like that are just something you have to deal with in trading. Not everything makes sense. You just have to try your best to make sense of it all I guess. Haha
On another note, I came upon this one thread in the babypips.com forum discussing the importance of strategy vs that of psychology. Some argued that strategy was useless if not complemented by solid trading psychology. The others argued that psychology is useless if your strategy was never profitable to begin with.
In my opinion, both have valid points, and for that reason, I say both strategy and psychology are of equal importance. 50-50.
Having control of your emotions and being psychologically fit as a trader will do you no good if your trading strategy isn't profitable in the long run. In the same manner, no trading strategy will work if you don't have the patience and emotional capacity to see it through. I think that's something we should all keep in mind.
Anyway, new week, fresh start! Good luck to all!
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