The past few weeks have been pretty disastrous for me, as I've erased a lot of the progress (nominal gains) that I did during October. Looking back at the trades that I've taken, I don't think that I've taken any bad trades. I certainly could have managed a lot of them better, but I think overall, I've taken setups that I would have normally taken. I've just gotten a little unlucky (fake yen intervention!).
One thing I've noticed is that I tend to go on streaks. In mid to late October, I was on a nice roll and was hitting winners left and right. I was feeling pretty confident and was taking all the trades that I could take. I was pretty locked in and was feeling good about myself.
Then in early November, my trading took a turn for the worse. I lost about 8 out of 9 trades and was just really slumping. To make matters worse, I wasn't managing my trades properly because I was lacking focus and wasn't "in tune" with the markets.
Looking back, I think I still suffer from letting my past few trades affect me, and not treating each trade (or trading period) by itself. When I'm trading well, I practice good trading and risk management techniques. I prepare and scan through charts for setups.
But when I'm on losing streak, I tend to lose interest. I put up less trades, and am afraid to pull the trigger on others. It's not as bad as it was before (there were times where I literally wouldn't put any trades up when I was losing), but it's still a bad habit that I need to work on.
Ideally, I'd like to be more consistent and not so streaky, and I wanna keep an even disposition. I've said it before and I'll say it again, I can't get too high or get too low. I just have to stick to my trading and keep improving.
One good thing that came out of this week was that I successfully pulled off the stop-and-reverse trade setup. Felt good to pull this one off, as I was never comfortable doing that. I think in this type of environment though, it might be the type of play to keep going for. We're seeing a lot of bounces off key levels, then breaks off those leves. Since I like playing support and resistance levels, I can put up small risk playing the bounce, going for scalps / day trades, then have "breakout" orders just in case price breaks through the levels.
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