Plan your trade, and then trade your plan!

I was stopped out of the Eur.Yen trade today.

Was my initial analysis correct? Yes.

I had correctly marked out the area where I would like to watch, with the intention of either taking full profit or moving my stop to break-even at this point.

Problem was, I DID NOT watch.....because I went to sleep instead!

Because I did not get to execute my original trading plan, I ended up hoping that I have a second chance, once the pair broke thru the trend line.

I knew I was walking on thin ice at this point, because this wasn't part of my plan. Instead of trading according to my plan, I ended up trading based on HOPE.

Hope, in my view, has NO place in trading. Plan your trade, and then trade your plan.

So now it looks like I may need to rethink about taking intra-day trades during US session. If I cannot wait to watch how the next bar looks like, I need to put in my take-profit target right away.

Losing trades make great teachers, and this is one of them.

I do not blame the market for this loss - the blame rests squarely on my shoulders.

Still, that's just 2% of my a/c capitalization. My money management has done its job, eventhough I did not execute the trade well.

It's time to move on to another trade.