Red line = 1986, a support level I drew earlier in the day.
Missed the entry when it first tested the level.
Entered at the 2nd test, it went up before it came back down to my entry again, and I quit.
FEAR of losing money.
But it seemed to confirm the support, so I went in again, this time I made about 20p, before the price tested the support yet again.
Believing in the range and support, I bought again. It was consolidating fine, until price suddenly dropped very quickly, putting me in over -50p of floating loss. I closed the trade.
FEAR of losing money.
Then I thought the price will accelerate its fall, so I sold it at the middle of the candle, only for it to quickly pull back up, giving me a -30p realised loss.
FEAR of missing out.
Instead of 2 steady winning trades of roughly 40 to 50p, I ended up with 2 losses and 1 win, a net of about -60p.
Trades of recent couple of weeks have been heavily influenced by fear, ever since those big losses that knock my account from 800 to less than 600. Too cautious when letting profit run, too anxious to close a trade in breakeven, and of course, the trending market caught me by surprise. I was still using the techniques of range play, which I'm more familiar with.
Is it all about confidence? The fear of seeing the bottom of the barrel? The fear about my current financial stress?
I'm going to re-draft my trading rules and plans.
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