9: Taking Weak Trade Setups
Ok, I’m guilty with this. Sometimes I just know that I should wait a little bit before I enter a trade because the trade setup is a bit weak.
But I buy/sell anyway and guess what? My trade turns into a loss. I knew I shouldn’t have taken that trade but I did.
For me, I’ve sometime have this 6th sense…the feeling that “this is not a good trade setup…wait”. But every single time I have ignored that voice, I’ve always ended up in a loss.
Sometimes, I’ll be waiting for a long time for the perfect trading setup to form but nothing is happening yet and I tend to get impatient.
So what does an impatient trader do?
Look for setups that “justify” the “need to trade” desire. And turns out that those setups tend to be weak trading setups or setups that are not part of the trading plan.
That is a recipe for trading disaster when you are online trading currency.