Another good week that could have been great if not for the lapse in concentration towards the end of the week. All week, I was disciplined and followed the strategy from last week, and constantly kept increasing my equity. By Thursday morning, I had made over 9K in profits for the month, and my account was at its highest level.
Then greed and a brief lapse of concentration did me in. I traded for the sake of trading and entered trades where the setups were not valid. And in less than an hour of placing those trades, all of them hit my stop loss and I had a draw down of almost 3K. I immediately stopped trading for the rest of the week and took a break from trading to clear my mind. I figured if I continued trading, I will try to make up the lost money and will end up losing more.
Whats scary is that if I made 4-5 trades like this when I start with a real account (5K), I would pretty soon find myself in great deal of trouble. hence until I can build my account to above 10K, I need to look for 20-50 pip profit and cut my losses to 20-30 pips. That way I can manage my risks and handle some draw downs.
As always, here are the results for this week. Like in previous week, I have linked to my trades instead of giving the number. You can find it here.
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