Impatience leads to lost profits – GBPUSD trading

I got in a short at 1.5385 which was a nice entry with a stop at 1.5415. The market did worrying bounce up and got close but then fell. However, the path downwards was not straight and was showing some resistance… in comparison, the EURUSD had just fallen and this made me feel that the pound sterling had some strength today. The market was bouncing and I got tired of waiting for it to drop and I took my profit at 1.5335 for +50. However, a minute after I had done this, the market fell a further 40!! Arrrgh.. so close yet so far.

With trading there are so many human attributes which can lead to your downfall… the common ones are fear and greed. Impatience is another which I experienced today… there are so many more which form the core of our genetic make up (which allowed us to evolve into the human beings we are today)… however, a lot of these attributes though quite normal are detrimental to the success in trading which is why trading is such a difficult endeavour to pursue.

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Category: Forex trading, Spreadbetting, Trading