Lack of discipline
Last week was great, account increased by 17%, from 3 very profitable trades, caught a really strong trend and got greedy and re-entered in one of the trades to double the profits before the exhaustion phase.
That lack of discipline however has proven costly 2 days into this week (facepalm) overtrading and staying in trades too long have caused multiple trades to go from profit to SL. I need to know when its time to do 1 of the following: Close a trade in profit that is in profit, and secondaly when to move to break even. Small example i had a trade that was 80% close to TP which came back and hit break even, in hindsight should i have closed as soon as there was pull back? I dont know
Another couple of trades that were in small profit for a longer than expected and eventually tanked and hit SL.
Another thing to note, I might have to think about a rule of not opening trades on a currency more than once e.g. if i have a trade on EURUSD, unless the trade is safe and moved to break even, it wouldnt be safe to also open a trade on GBPUSD because of exposure to the USD is now doubled.
All in all, my stoic training was put aside and i tried to chase lost gains and have lost nearly 10% of my account.
Tomorrow is a new day