The opportunity cost of indisciplined trading – EU & EJ – +126 points

Hey traders,

Still no intra-day trading but I did manage to take a couple of end of day swings which I closed out for +126 pips profit.  You might be saying that’s a great result however you’d be wrong.  I closed both trades early due to boredom / changing  view.   This is a great story about trying to 2nd guess the market and yourself and the folly of interfering with your trades.  

I have no excuse, it was my fault.  I take responsibility for my actions.  I’ve given myself a good talking too whilst creating and posting this video is part of my penance for such unprofessional trading.

I apologise for the sound quality.  Whilst it may sound like I made this recording from inside the drum of my tumble dryer I can assure you that was not the case.  I suggest you turn the sound down to a manageable level and enjoy my act of contrition.  I’ll also work on improving the editing of the pieces so that you can see more detail on the charts. I’ll work on improving that for the future.

As mentioned in the video please forget the fact that I managed to take profit from these trades.  They were poor trades because I failed in the execution of my plan.  Planning your trade and trading your plan is the message I wish to convey to you all.

Until next time, trade well….and be disciplined. (I certainly will be.)

FXTrader Paul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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3 Comments on “The opportunity cost of indisciplined trading – EU & EJ – +126 points”

  1. James King Says:

    That was a funny read….. hahaha… Didn’t you learn about using a stop to lock in profit. Great reading… it reminded me of when I was a new to this forex malarky.

    Well done. James K

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    Reply

    • FXTraderPaul Says:

      Hi James,
      Thanks for your post. Yeah it was funny….but maybe not in a ha-ha way 😉

      Yep I know all about trailing stops which I normally use on this strategy. However my broker platform is undergoing ‘upgrades’ which they tell me will allegedly provide a better trade managment experience (which is normally broker speak for doing the exact opposite of what you really want so they can stiff you). So at present there is no trailing stop facility.

      Ultimately it was my fault that I cut these trades early. My indiscipline has so far cost me at least 94 points of missed profits so far. I’m using the good in this experience to help re-inforce the importance of discipline and following my plan.
      Cheers
      FXTrader Paul

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      Reply

Trackbacks/Pingbacks

  1. FXTrader Adventures blog – 2010 in review « FXTrader Adventures - January 6, 2011

    […] The busiest day of the year was August 27th with 128 views. The most popular post that day was The opportunity cost of indisciplined trading – EU & EJ – +126 points. […]

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