Risk management has been my right-hand man. We are locked in on these markets. Without risk management, I'd not be efficient enough to capitalize on my trades. I've been heavily involved in the prop firm space for over 90 days, and I am gaining consistency in my trades. It is going to take for me to stick to my trading personality in order for me to successfully pass my live challenge. My main focus is learning to only risk 1% of my account. Our psychology makes up about 90% of trading, the other 10% is technical. Without managing risk, my probability of profitability would be zero. For anyone out there reading this, no matter how sniper you make your entry, have a stop loss, AND take profit in place before you enter the trade, this way you do not risk more than you have, and you do not become greedy when in profit. I have been sticking by
GBPJPY
for a while now. A wise trader once said to master one to two pairs, and become profitable first, then when you are ready, expand your portfolio. I decided to learn how to trade with the banks because they are who have the financial power to manipulate prices and stop out the retail traders. This is WHY I've taken a different approach to trading this pair on this trade. Institutional trading has been around for a long period of time, but it is similar to retail trading, just fancier bells and whistles. That is all. It clicks for me, and this is my first trade exercising it on a prop firm challenge.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I waited for a rejection of my orderblock.
WHAT DID I DO WELL?
1. Entered aggressively upon reaction.
2. Set my stops at break even, during the trade. (Managing Risk)
WHAT CAN I DO BETTER?
Set a looser stop loss above the Orderblock Zone.
WHAT DID I LEARN?
How to trade
GBPJPY
with the banks.
How to manage risk properly while IN the trade.
DID I PREPARE PROPERLY?
YES I set my entry below zone to allow price to breathe, going into London session.
WHY DID I TAKE THIS TRADE?
To scale my account near 1% using an institutional concept.
WHAT IS IT YOU WERE SEEING?
An higher timeframe orderblock being hit.
Imbalance of candlestick patterns.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
It only takes for one rejection for you to make an entry, do not hesitate.
GBPJPY
for a while now. A wise trader once said to master one to two pairs, and become profitable first, then when you are ready, expand your portfolio. I decided to learn how to trade with the banks because they are who have the financial power to manipulate prices and stop out the retail traders. This is WHY I've taken a different approach to trading this pair on this trade. Institutional trading has been around for a long period of time, but it is similar to retail trading, just fancier bells and whistles. That is all. It clicks for me, and this is my first trade exercising it on a prop firm challenge. In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I waited for a rejection of my orderblock.
WHAT DID I DO WELL?
1. Entered aggressively upon reaction.
2. Set my stops at break even, during the trade. (Managing Risk)
WHAT CAN I DO BETTER?
Set a looser stop loss above the Orderblock Zone.
WHAT DID I LEARN?
How to trade
GBPJPY
with the banks. How to manage risk properly while IN the trade.
DID I PREPARE PROPERLY?
YES I set my entry below zone to allow price to breathe, going into London session.
WHY DID I TAKE THIS TRADE?
To scale my account near 1% using an institutional concept.
WHAT IS IT YOU WERE SEEING?
An higher timeframe orderblock being hit.
Imbalance of candlestick patterns.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
It only takes for one rejection for you to make an entry, do not hesitate.