Am just too adventurous for my own good...Ok, rephrase: GREED DOESN'T PAY!
Was targeting 1.4026 exit, and wasn't willing to place a stop that's wider than my daily loss limit. And, totally ignoring the fact that it's just plain stupid to put a stop just 5 ticks below support (and I thought 5 ticks was generous!!).
Penalty for being stingy & GREEDY (I had at least 2 chances to take USD 200 within 10 mins after entry, and I refused to take it) : USD 340
I most absolutely was NOT happy to be stopped out just 7 ticks before price turned around. Activated my scalping mode and recovered all but USD 75 of my money in 2 scalps.
See, that's the reason why I'll always be an extremely short-term trader. Anything longer than 15 minutes in the market is just WAY TOO LONG for me!!!
Had I insisted on holding for my 8 point profit at all cost, I would have had to risk USD 420, and by now price is not even half way to my 8 point profit - in fact, I would have just earned barely USD 200 (which I would have pocketed in my 10 min scalp...IF i had taken the profit of course).
So, why wouldn't I choose scalping where I would have earned USD 200 +180 +85 = USD 465 today??
No more holding. For the umpteenth time - UH- UH to holding !!!!
Ok, to be fair, had I taken the 200, I'd probably have taken a nap and come back hours later...
I'm not complaining. Today is one of the best trading days I've had. It shows me that I can most definitely manage up to 3 scalps at one go. No more smoke break after each trade. It's not like trading is so stressful.
Is that me brain-washing myself??
After 7 hours of being in the market without a break, I deserve a nicotine fix now.
I'm too thrilled that my day has just begun (according to my PnL)!!
