This week’s tip is simple…. DO NOT TRADE TIRED!
I cost myself 70 pips last week on a E/U trade because I was trading tired. I had a very late night and woke up to my chart alarm going off after only 2 hours sleep. In my tired stupor I somehow stumbled to my computer and entered a E/U long after which I went straight back to bed. When I woke up I saw that my trade had hit it’s target and then reversed significantly.
I was just about to pat myself on the back when I noticed the trade was still open ARGHHHHHHHHHHHHHHH!! It turns out I was so tired that I had forgotten to set a stop loss and limit order.
After I made this mistake I asked a few traders I know and I heard similar horror stories. So, learn from my stupid mistake and do not trade tired!
db-trader
On days when I am really tired, I close the charts and walk away. It’s an expensive lesson to learn.
Nick
Yeh it was a bit of an expensive lesson but I am still up for the month so gladly it hasn’t hurt too much.
Dan Cahill
Yeah did it yesterday london open EUUD.. woke up from nap.. and jumped in short with out really checking set up ..
hickh
Ditto!