It can be meaningful to have a proper risk management strategy in place. Without one, you are shooting yourself in the foot. I have learned this the hard way! Blowing several accounts, I had to learn what a risk-to-reward ratio is, what a Fibonacci is, and when to use a Stop Loss, and Take Profit. Things I was too good to learn in the beginning, I am currently applying to my strategy today. Traders, don't be too good to learn something new. It may be the most expensive mistake you may ever make starting out. Even today, I learn something new about the markets, as well as my personal psychology. In this particular trade, it took an extremely long time for the price to hit my TP, but this is why risk management is so important, going into this trade, I already had a set profit target to reach, so when the price was in my favor, I would not exit too early. There have been many times I have left money on the table from exiting a trade too early. This is why now a Take Profit is required in my entries.
Now, the price for
GBPJPY
has been in a ranging market, and for the past 3-nights, the price has made a point to stay within the range of the 183.500 level, my area of interest. I did enter this session (USA), and held my trade out of session (Tokyo) BUT I spotted one inside bar and two bearish engulfing in my two-hour timeframe. These candlestick confluences gave me confirmation to go short, and hold the trade, just a little while.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I allowed price to retest before my entry..
WHAT DID I DO WELL?
1. Allowed Price To Hit My TP
WHAT CAN I DO BETTER?
1. Let The Market Breathe
WHAT DID I LEARN?
1. Less emotion increases success.
DID I PREPARE PROPERLY?
YES
WHY DID I TAKE THIS TRADE?
I planned on seeing price reject back to my key level.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The Pound Versus The Yin moves like an anaconda. Set entries in your zone ONLY.
This particular trade has increased my portfolio by 12% today!
Batta Boom, Batta Bang!
Now, the price for
GBPJPY
has been in a ranging market, and for the past 3-nights, the price has made a point to stay within the range of the 183.500 level, my area of interest. I did enter this session (USA), and held my trade out of session (Tokyo) BUT I spotted one inside bar and two bearish engulfing in my two-hour timeframe. These candlestick confluences gave me confirmation to go short, and hold the trade, just a little while. In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I allowed price to retest before my entry..
WHAT DID I DO WELL?
1. Allowed Price To Hit My TP
WHAT CAN I DO BETTER?
1. Let The Market Breathe
WHAT DID I LEARN?
1. Less emotion increases success.
DID I PREPARE PROPERLY?
YES
WHY DID I TAKE THIS TRADE?
I planned on seeing price reject back to my key level.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The Pound Versus The Yin moves like an anaconda. Set entries in your zone ONLY.
This particular trade has increased my portfolio by 12% today!
Batta Boom, Batta Bang!