I Am An A$$

B

brad1970

Captured 100 pips in the USD/JPY early morning and instead of shutting down for the day, tried playing with my new found $$.

Wound up giving back 60 pips..

Just couldn't shut down so early in the day after doubling my daily price target.
 
You should do what I do.
Go back in another trade and make back that 60 pips
you let the market borrow from you.
Once you get back to 100 pips, take the rest of the day off.
 
Good to remind oneself of the old "Bulls....Bears......and Pigs"....
We all know where bacon comes from!
 
Quote from brad1970:

Captured 100 pips in the USD/JPY early morning and instead of shutting down for the day, tried playing with my new found $$.

Wound up giving back 60 pips..

Just couldn't shut down so early in the day after doubling my daily price target.
More...

Brad, if you were trading your plan as usual (besides the daily profit goal), nothing to worry about. BTW, I don't think shutting down after a daily profit goal is a good idea, unless making money makes you lose your head.
 
Trading involves skill.
Skills have to be improved and that can be done by only one thing --- taking trades

As a trader you have to overcome certain levels ... be it profit limits, volume limits, etc. and this can be done by only one thing --- practicing by taking trades.
As long as you don't lose money you gain a lot .. namely experience.

I'm not a fan of daily profit limits ... if you can make 1k ... why stop if there's the chance to make 2k. Even if you end up flat for the day ... you gained experience and get better with every trade.

So, nothing wrong with what you did ... the only wrong thing is that you bitch despite you made money.
 
Brad,

Peter is aboslutely correct.. if the trade was in your plan.. then you should pat yourself on the back for sticking to your plan..

If however, it was an emotional trade and partly due to the fact that you had extra $ to spare.. then it is a problem..

I do this myself often.. when ahead I'm more prone to take emotional trades.. 2 reasons.. I have the extra cash to spare and secondly.. because I'm feeling a little cocky..

Monitor yourself and if you find you do this far too often.. then you have 1 of 2 choices to make..

1. shut down after being profitable or reaching your goal.
or
2. Learn to stay disciplined after getting ahead and only take trades in your plan..

the good news is you have total control over this..
 
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