Losing faith in the trading system…. GBPUSD forex trading

Well, this is when you start to doubt your system… I started off trading this morning breakout strategy with some amazing success but this last week… couple with my own stupid mistakes of not following the system have really bashed my confidence in the system that I have been trading these last couple of weeks.

The morning breakout happened to the downside.. a short at 15321, with the usual 30 pip target and SL at the other end of the channel (60 pips in this case).

The short proved to be a dummy and the market moved up… at this stage, I was watching the market and thinking to myself.. hmm.. the market dropped below the level but has moved up now.. this is a clear break and should I buy? I was in two minds as I was trading a system which I believe to have an overall positive expectation.. however, the pattern showed a false break towards the downsite which is usually a buy signal. Well, I was trying to keep to the system so I didn’t buy and let my trade run.

Unfortunately, the market shot up to hit my stop for -60.. ouch!

The biggest problem that I have right now is that my mind is now full of doubt with the trading system that I have been using…  my head says that I should keep to it but my gut feels the last few losses of the trading sessions and is telling me to give up on this system.

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Category: Forex trading, Spreadbetting, Trading