The high cost of not sticking to the plan on $EURUSD
It's funny how often the biggest losses aren't from being wrong, but from not executing the right plan. I was watching $EURUSD last week, had a solid thesis for a short based on some key resistance holding and weakening economic data coming out of Europe. My entry was good, stop was placed correctly, and the initial move was in my favor. Then, instead of letting it play out, I started tinkering. I moved my stop tighter, then looser, then back to tighter again as the price wiggled. Eventually, I just got annoyed with the chop and closed out for a small profit, convinced it was going to reverse.
Of course, five hours later, it made the exact move I had originally anticipated, blowing past my original target. It wasn't that my analysis was flawed; it was my discipline that crumbled under the intraday noise. That little voice telling me to 'just secure something' ended up costing me a decent R multiple. It's a reminder that sometimes the hardest part isn't finding the trade, but simply sitting on your hands and letting your initial conviction play out, especially when the market isn't giving you instant gratification.
It's a classic scenario. The discipline to stick with a well-thought-out plan, especially when it's initially moving in your favor, is often harder than coming up with the plan itself. Did you identify what triggered you to start tinkering?