The last post, on March 9th, called for a short with a target of 112.98. The trade ran well past the target and I stayed in through the revised target of 108.50. That is where the good news stops.
As a result of failing to stick to my routine and treat trading as my business, I didn’t take profits, gave back the profit and proceeded to lose as I fought the market, stubbornly refusing to acknowledge the the trend had reversed.
Lesson #1: Commit to the Routine
Trading is a business. Fail to treat it as such and opportunities will be missed. At a minimum, I must post weekly. Failing to do so caused me to miss the obvious, that the trend was turning at 108.50 and that I should have reversed positions. Also, since I didn’t post the subsequent weeks, I missed additional reversal / entry opportunities.
Lesson #2: Be Clear of Mind
Personal issues have a way of dominating brain share. When those issues are unresolved, brain power tends not to be available when you need it. If, for example, these issues lead you to deviate from your program and routine, the results can be costly, as they were in this past month.
Lesson #3: Be Flexible and Adaptable
When the market shifts, acknowledge it and go with the flow. Don’t fight it. If you do, you’ll lose every time.