This week’s tip is simple…. DO NOT TRADE TIRED!
I cost myself 70 pips last week on a E/U trade because I was trading tired. I had a very late night and woke up to my chart alarm going off after only 2 hours sleep. In my tired stupor I somehow stumbled to my computer and entered a E/U long after which I went straight back to bed. When I woke up I saw that my trade had hit it’s target and then reversed significantly.
I was just about to pat myself on the back when I noticed the trade was still open ARGHHHHHHHHHHHHHHH!! It turns out I was so tired that I had forgotten to set a stop loss and limit order.
After I made this mistake I asked a few traders I know and I heard similar horror stories. So, learn from my stupid mistake and do not trade tired!