Got up in the middle of the night to TRADE! Here we go... the house is quiet, everyone is asleep, coffee is on, no distractions- perfect.
Perfect to pick a loser. Went long. Loss of 18 pips. Look at that chart. Could I have picked a worse trade?
What have I learned from this-
Getting up in the middle of the night to trade is not so good for me.
Is it the market action at that time? No, it is all about me. This is the second time I have tried this middle of the night thing and all four of my trades were loser. Focusing at 2am is apparently hard for me.
The first question to myself is- why do I think I need to trade at this time of day. Answer- no distractions. So, what do I need to do to fix this distraction problem during the part of the day when I am awake enough to focus. Answer- Go to smaller time frames. I have been working with 30 minute charts but it can take some time for trades to set up and then I have to manage the trade. A lot can happen in 2-3 hours.
New Plan: Practice on getting faster with 10 to 15 minute bars. Then 5 minute bars. And get some sleep.
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