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Main trade I took from today was a short term counter trend trade long. Came into the session with a short bias due to YDAY and OVN session.
Got to discussing the trade with @jestertrading33 and another member in his discord and was reflecting.
We as traders don’t get paid to sit in front of the computer all day but for the opportunity we spot in the moment and how quickly/efficiently we can capitalize on that opportunity.
As that trade began to present itself, I had a decision to make. Take it even though it’s against my bias on the day or leave it.
What made me click the button to enter the trade aside from my trade reasons and orderflow? A simple question, "if this is within my setup will I be happy if I skip the trade and it ends up working out?" Answer was no.
The psychology aspect was just as important here as much as the trade setup was for me. A common mistake I used to make and I think many beginner traders make is they skip the trade, see it start to work in their favor and then end up chasing trying to get in wherever leading to over trading. "Damn I knew it was going to work."
The over trading didn’t start after taking multiple attempts to enter and getting stopped, it started when they failed to ask themselves if they were truly okay with the risk of letting it run without them. The opportunity cost IMO is just as important of a “risk" to consider as much as a monetary risk. It’s a fine line.
Systemizing your entry framework can help take the emotions out.
In my case, I wasn’t okay seeing it work out without me because my system told me I should take the trade alongside a couple extra confluences. I don’t know whether it will work out in my favor or not, I just know I see my parameters lining up for an entry so I need to execute. The rest is out of my hands.
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