It makes a difference when you learn to master one pair.
GBPJPY
has been my "main" pair for about six months now. I decided to stick to one pair after blowing several accounts, attempting to diversify my portfolio. (i.e trading other pairs). This market is an open world, and if you do not hone in on the skill, each pair will chew on your money, and spit "you" back out like a chicken bone. This is why I decided to keep my eye on one pair throughout 2023. Doing this has been lucrative because I have passed four prop firm challenges trading the same pair. Over this past year, I have developed a trading "personality". I have learned from trial, and error how I like to trade, and once I got a grasp on my style, I made sure not to change it. As you go along in your trading journey you will discover who YOU are in the markets. Every day is a learning experience, and even to this day I make mistakes, but the mistakes are what will help you grow. This is why I am sharing my experience here. For the most part, I took this trade because I wanted to exercise a simple ICT strategy. My goal back in April was to learn how to trade with the banks. Recently, I took a course on the topic, and here we are. Although I have retail strategies under my belt, I decided to exercise an institutional concept in my fourth prop firm challenge. Although we were profitable on this trade, if you look closely I was nearly stopped out, but a previous mistake I made this week was setting my SL too tight, that said, I set my SL where you see the yellow eclipse, and stuck to my guns. The only real mistake I made was I exited before the price hit my TP. I usually let the price hit my TP for psychological reasons, but when I checked my prop firm account, I was up over 5%, so I decided to close all my positions slightly early. I also held my initial entry for too long, but its part of the psychological aspect of the swing trading journey to maintain a position in drawdown.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
No, although stuck to my 1:3 risk-reward ratio, and maintained a 0.5 lot size,
I held my initial three entries for too long. It already hit my TP, but I held. (GREED)
WHAT DID I DO WELL?
1. Identified SSL being tested
2. Identified A Bounce Of Orderblock
3. Set My Stop Loss At The Wicks.
4. Set My SL at breakeven.
WHAT CAN I DO BETTER NEXT TIME?
Wait for a better confirmation before I make my entry.
GET OUT! When it's time to exit.
WHAT DID I LEARN?
Price respects SSL
More confluence increases probability
If price breaks an order block this is an indication of a continuation of a trend.
DID I PREPARE PROPERLY?
NO, I did not my job is to buy and sell pairs at a certain time, efficiently.
I sold (open) the pair when it was high, but I did not buy (close) the pair low when it was low the first time
WHY DID I TAKE THIS TRADE?
I see a potential correction after my order block bounced.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Verify your confluences before you enter the belly of the beast. This will increase your probability, and win rate.
GBPJPY
has been my "main" pair for about six months now. I decided to stick to one pair after blowing several accounts, attempting to diversify my portfolio. (i.e trading other pairs). This market is an open world, and if you do not hone in on the skill, each pair will chew on your money, and spit "you" back out like a chicken bone. This is why I decided to keep my eye on one pair throughout 2023. Doing this has been lucrative because I have passed four prop firm challenges trading the same pair. Over this past year, I have developed a trading "personality". I have learned from trial, and error how I like to trade, and once I got a grasp on my style, I made sure not to change it. As you go along in your trading journey you will discover who YOU are in the markets. Every day is a learning experience, and even to this day I make mistakes, but the mistakes are what will help you grow. This is why I am sharing my experience here. For the most part, I took this trade because I wanted to exercise a simple ICT strategy. My goal back in April was to learn how to trade with the banks. Recently, I took a course on the topic, and here we are. Although I have retail strategies under my belt, I decided to exercise an institutional concept in my fourth prop firm challenge. Although we were profitable on this trade, if you look closely I was nearly stopped out, but a previous mistake I made this week was setting my SL too tight, that said, I set my SL where you see the yellow eclipse, and stuck to my guns. The only real mistake I made was I exited before the price hit my TP. I usually let the price hit my TP for psychological reasons, but when I checked my prop firm account, I was up over 5%, so I decided to close all my positions slightly early. I also held my initial entry for too long, but its part of the psychological aspect of the swing trading journey to maintain a position in drawdown. In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
No, although stuck to my 1:3 risk-reward ratio, and maintained a 0.5 lot size,
I held my initial three entries for too long. It already hit my TP, but I held. (GREED)
WHAT DID I DO WELL?
1. Identified SSL being tested
2. Identified A Bounce Of Orderblock
3. Set My Stop Loss At The Wicks.
4. Set My SL at breakeven.
WHAT CAN I DO BETTER NEXT TIME?
Wait for a better confirmation before I make my entry.
GET OUT! When it's time to exit.
WHAT DID I LEARN?
Price respects SSL
More confluence increases probability
If price breaks an order block this is an indication of a continuation of a trend.
DID I PREPARE PROPERLY?
NO, I did not my job is to buy and sell pairs at a certain time, efficiently.
I sold (open) the pair when it was high, but I did not buy (close) the pair low when it was low the first time
WHY DID I TAKE THIS TRADE?
I see a potential correction after my order block bounced.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Verify your confluences before you enter the belly of the beast. This will increase your probability, and win rate.