Negative impact of excitement in trading



My first trade in the day was breakout attempt in gbp/usd in continuation of uptrend. Well I didn't get it as expected. I stayed with the trade through retracement and after a while price continued to go up. I didn't take 15 pips when I had them, my target was breakout of 880 maybe 900. I took profit because with slow uptrend I didn't know what to expect and I hit more than 1R. 24 pips, 1.2R

Now I was happy with my profit and 30min later price started to go up. I rushed in, and got 17 more pips 0.85R. That's where excitement kicked in. I wanted moooooooore. So after 15 pips jump I get in again long angry because I didn't stay in that trade. Than took quick loss of 6 pips 0.3R. Than again long. I didn't got out on a spike but I stayed, missing 15 pips profit and let myself in 10 pips loss. I exit that trade in profit after 15 minutes but only 11 pips. When price agin moved to new high I again entered long, chasing. That was already deep emotional trading when I want only profit and don't want to take a loss. I let that trade against me almost 50 pips, 2.5R. I didn't want to take a loss, denial of reality. I started averaging and got out little bit above b/e for that set of trades. Well I would stay more if it didn't pause.
In the end 59 pips or 3R today with last eur/usd trade.

24, 17, -6, 11, -20|10|17 (averaging) pips
1.2, 0.85, -0.3, 0.55, -1|0.5|0.85 R




While I was writing this I had chaser trade in eur/usd for 6 pips 0.3R





 

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