I could have made more profit but I exited early!!!
Having ended the last week with a profitable streak, I continued my analysis of the pair during the weekend.
Sure of the probable movement for the new week, I entered this trade yesterday as I couldn't find a good entry on Monday. I calculated my risk-to-reward ratio and decided how much I was willing to risk for this trade. At the time I found the first perfect entry, I didn't have enough profit to risk the trade considering the lot size to be used and the stop-loss margin. I had to wait for a further dip in the market that way the trade will further confirm the market direction. It was a win-win situation for me.
Immediately, my checklist was all ticked, and I further confirmed the direction of the trade, I made my entry. It didn't take too much time for the trade to have a good outlook, not too long after, my psychology got a good part of me. I exited the trade after making a considerable amount of profit though my analysis said showed a more promising trade. Now, the trade just surpassed my estimated take-profit and I am here wishing I had trusted my analysis more and stuck with it. Should I have stayed with the trade, I would have hit my 10% equity mark for the month, now I have to take more trade to achieve that.
Anyway, it was a good lesson for me and most importantly I made a profit. Just that, It could have been more.
Hmmm...we go again!
Sure of the probable movement for the new week, I entered this trade yesterday as I couldn't find a good entry on Monday. I calculated my risk-to-reward ratio and decided how much I was willing to risk for this trade. At the time I found the first perfect entry, I didn't have enough profit to risk the trade considering the lot size to be used and the stop-loss margin. I had to wait for a further dip in the market that way the trade will further confirm the market direction. It was a win-win situation for me.
Immediately, my checklist was all ticked, and I further confirmed the direction of the trade, I made my entry. It didn't take too much time for the trade to have a good outlook, not too long after, my psychology got a good part of me. I exited the trade after making a considerable amount of profit though my analysis said showed a more promising trade. Now, the trade just surpassed my estimated take-profit and I am here wishing I had trusted my analysis more and stuck with it. Should I have stayed with the trade, I would have hit my 10% equity mark for the month, now I have to take more trade to achieve that.
Anyway, it was a good lesson for me and most importantly I made a profit. Just that, It could have been more.
Hmmm...we go again!