DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Hi Everyone! So this is just something I wanted to share and to have jotted down as part of my log book. I have taken on AUD/CAD as one of the pairs I want to work with. This week as I was keeping my eye on this pair I noticed a bit of a resistance shaping up, a downward trend and at the time I was looking at the pair on tuesday I notices the posibility of a Doji forming on the 4hr.
So I actually didn't even wait for that 4hr candle to close (Not recomended) and opened a small position with a high stop-loss and a take profit that I wanted to reach sometime before Friday. On tuesday night the trade played well, the price dropped but I was asleep and did not compound or take profits. On Wednesday when I woke up there was a price surge, and prices started heading back towards where I took the trade, and I have been trying to compound more on my trading positions. And thats exactly what I did. One of the reasons why I did also was because price was just not braking that resistance level.
Sure enough, my take-profit was hit, and was able to recover from the mayor losses I took earlier this year on my account.
I am currently working on keeping my emotions in check, not being to fearful when a price moves in my favor which leads me to leaving money on the table, and being more confident and trusting my analysis. To any traders that read this and have any comments on how you have overcome these barriers please share your stories. Happy trading everyone!
Hi Everyone! So this is just something I wanted to share and to have jotted down as part of my log book. I have taken on AUD/CAD as one of the pairs I want to work with. This week as I was keeping my eye on this pair I noticed a bit of a resistance shaping up, a downward trend and at the time I was looking at the pair on tuesday I notices the posibility of a Doji forming on the 4hr.
So I actually didn't even wait for that 4hr candle to close (Not recomended) and opened a small position with a high stop-loss and a take profit that I wanted to reach sometime before Friday. On tuesday night the trade played well, the price dropped but I was asleep and did not compound or take profits. On Wednesday when I woke up there was a price surge, and prices started heading back towards where I took the trade, and I have been trying to compound more on my trading positions. And thats exactly what I did. One of the reasons why I did also was because price was just not braking that resistance level.
Sure enough, my take-profit was hit, and was able to recover from the mayor losses I took earlier this year on my account.
I am currently working on keeping my emotions in check, not being to fearful when a price moves in my favor which leads me to leaving money on the table, and being more confident and trusting my analysis. To any traders that read this and have any comments on how you have overcome these barriers please share your stories. Happy trading everyone!