If you have had a successful trading week this week, I'd like to congratulate you. There has been a lot of red folder news, that made fundamentals outweigh the technicals. This week for me on the other hand has been filled with many lessons. Not only with
GBPJPY
, but my own personal trading style. Being in the trade exudes a different energy signature. It is imperative to control your emotions inside the trade. What do I mean by this? You must stick to your plan once it is set, and I mean to the tee. OR you will inevitably make unnecessary mistakes. In this market, costly mistakes will literally cost you money. In this particular trade, I had my SL set in profit (breakeven), but I failed to move it up to TP2 when I woke up this morning. This was an act of greed. I didn't want to get stopped out at TP 2, just for the price to stop me out and hit TP3, but this was a costly mistake. Price retraced back to TP1 and stopped out anyway. As it turns out my FEAR of getting stopped out at TP2 caused me not to move my SL up to TP 2. Leaving it at TP 1 forced me to leave money on the table. In the future, I will move my TPs up no matter what. This was a valuable lesson today because if I plan to successfully manage risk according to plan, I must follow my own plan's parameters, and follow instructions. MOVE THAT TP up!
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I entered in the correct session.
WHAT DID I DO WELL?
1. Set and forget my trade, and went to bed.
2. Set my stops at TP1 (break even), during the trade.
WHAT CAN I DO BETTER?
Move My Take Profit levels up once it is hit!
WHAT DID I LEARN?
What To, And NOT to do when Properly Securing Profits
DID I PREPARE PROPERLY?
YES I set my entry at a price of interest!
WHY DID I TAKE THIS TRADE?
To bring my account to a half of a percent for the week.
WHAT IS IT YOU WERE SEEING?
Tweezer Top 15M
Bearish Trendline Continuation
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Do NOT Leave Any Money On The Table. Take That Money, and make a new trade with it!
GBPJPY
, but my own personal trading style. Being in the trade exudes a different energy signature. It is imperative to control your emotions inside the trade. What do I mean by this? You must stick to your plan once it is set, and I mean to the tee. OR you will inevitably make unnecessary mistakes. In this market, costly mistakes will literally cost you money. In this particular trade, I had my SL set in profit (breakeven), but I failed to move it up to TP2 when I woke up this morning. This was an act of greed. I didn't want to get stopped out at TP 2, just for the price to stop me out and hit TP3, but this was a costly mistake. Price retraced back to TP1 and stopped out anyway. As it turns out my FEAR of getting stopped out at TP2 caused me not to move my SL up to TP 2. Leaving it at TP 1 forced me to leave money on the table. In the future, I will move my TPs up no matter what. This was a valuable lesson today because if I plan to successfully manage risk according to plan, I must follow my own plan's parameters, and follow instructions. MOVE THAT TP up! In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I entered in the correct session.
WHAT DID I DO WELL?
1. Set and forget my trade, and went to bed.
2. Set my stops at TP1 (break even), during the trade.
WHAT CAN I DO BETTER?
Move My Take Profit levels up once it is hit!
WHAT DID I LEARN?
What To, And NOT to do when Properly Securing Profits
DID I PREPARE PROPERLY?
YES I set my entry at a price of interest!
WHY DID I TAKE THIS TRADE?
To bring my account to a half of a percent for the week.
WHAT IS IT YOU WERE SEEING?
Tweezer Top 15M
Bearish Trendline Continuation
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Do NOT Leave Any Money On The Table. Take That Money, and make a new trade with it!