Now that I am getting better at scratching trades I open by mistake, I also need to be aware of the following behaviour.
When I scratch a trade, I desperately want to be right. If the trade starts looking like it would have worked, I feel totally pissed off. But the trade is either a mistake or it isn’t and if it is, it needs to be closed. This reveals the need for greater clarity on my trade plan.
Also ‘desperately want…’ leads to one outcome: crappy trades and losses.
In the next Edgewonk journal, I set a flag so that I can monitor this behaviour, by using the question ‘Was this a second attempt?’ and then the options will be ‘Yes – after STE’, ‘Yes – after a scratch’ ‘Yes after a Stop’.
TRADE PLAN: goal for average loss on a mistake trade is 0.3R
