If you would have asked me what my favourite trade was at the start of September, I would have answered, without hesitation, “Long USD/CAD”.
So why didn’t I trade the pair as it rose 750 pips in the month? It was an experience in frustration as I stayed too patient and missed several opportunities. On the one hand, I’m glad I stayed disciplined and didn’t chase. On the other, I’m upset that I missed a trade where I was 100% correct and had a high level of conviction.
What can I do now but head to the sidelines? When you miss a trade, you have to completely forget about it. I’m targeting 1.14 still but at 1.05 the risks are two way. Unless I can buy at 1.03, I’m not even going to think about this pair.