One of my persistent failings is that I fail to stick to my plans, expecially when the market seems to be moving against me. On Tuesday I shorted EUR/CHF and GBP/CHF, leaving out USD/CHF in case I got a better entry opportunity in the next few days. Today that opportunity came — the market was too jolly about a payrolls report that was actually bad. But I decided to wait.
What I actually thought was: 1) the market was moving in the opposite direction to my trade in the short term, and 2) it might keep going. But 1 can be dealt with by putting a stop at a reasonable distance, and 2 is always true. It seems there are still occasions where I am unduly influenced by market moves that contain no information. The breakout earlier in the week was the technical signal to trade; today’s moves either provide an entry opportunity, or are completely irrelevant.
I can be open-minded to a fault. I am very ready to change my mind, and that is a good thing. But I should only change my mind when there is new information.