Today is the first week of my phase 1 prop firm challenge. I'd like to document the entire journey win or lose, so you see where I need improvement, as well as areas I did well, while in the trade. This way you can learn from my experiences, and fast-track your trading success. There are a set of rules that I stick by when placing my trade and for the sake of transparency. I will share with you a few of my key risk management rules rules
1. Stick to a 1% risk per trade.
2. Set Stop Loss and Take Profit Before Each Trade.
3. Trade In Same Session.
Even though it was less than one percent, it was still a loss. We not only got stopped out of this trade, but we also saw a trend reversal. Debunking all of my confluence for the overall trade.
GBPJPY
has taken me on a wild ride the entire year of 2023. We have had a high win rate with this pair, but there have been monumental losses, that I have experienced with this pair not only to humble me, but to remind me that it is an Anaconda, and if you want to tame a snake of that size, the best thing for you to do is cut off the snakes head. This is exactly what we have done in this trade. By setting our stop loss upon entry, we are allowing our analysis to test the market. This is also one of my strict rules. Whether the price hits my stop loss or take profit. Once the entry is made there is no reason to back out. It is a psychological thing to leave it alone. My mentor once said, that if you cannot let the price cannot hit your Stop loss, you are not ready for it to enter your take profit.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
YES, I made sure I had three confluences and two timeframes in sync with the trend.
I also stuck to my 1% rule. One of my strict rules.
WHAT DID I DO WELL?
I have made an entry in the correct session.
WHAT CAN I DO BETTER NEXT TIME?
Go with the overall trend in the higher timeframe.
Wait for a Break of the Structure of the Failed Swing.
Stick To Only Identifying My Four Confluences.
WHAT DID I LEARN?
NOT TO BE EMOTIONAL ABOUT THE TRADE.
Set Stop Losses "outside" zone, or order block.
Do NOT force a trade...
DID I PREPARE PROPERLY?
NO, my job is to buy and sell pairs at a certain time, efficiently.
I entered the market in the right session, but at the wrong time, and it cost me -0.81%.
WHY DID I TAKE THIS TRADE?
I had the fear of missing out. (FOMO)
I saw a price break below FS, after bouncing off of the daily Order lock.
WHERE DID YOU EXIT?
185.325
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES
I have the faith to take the trade, but I have to keep faith in my my confluence.
1. Stick to a 1% risk per trade.
2. Set Stop Loss and Take Profit Before Each Trade.
3. Trade In Same Session.
Even though it was less than one percent, it was still a loss. We not only got stopped out of this trade, but we also saw a trend reversal. Debunking all of my confluence for the overall trade.
GBPJPY
has taken me on a wild ride the entire year of 2023. We have had a high win rate with this pair, but there have been monumental losses, that I have experienced with this pair not only to humble me, but to remind me that it is an Anaconda, and if you want to tame a snake of that size, the best thing for you to do is cut off the snakes head. This is exactly what we have done in this trade. By setting our stop loss upon entry, we are allowing our analysis to test the market. This is also one of my strict rules. Whether the price hits my stop loss or take profit. Once the entry is made there is no reason to back out. It is a psychological thing to leave it alone. My mentor once said, that if you cannot let the price cannot hit your Stop loss, you are not ready for it to enter your take profit. In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
YES, I made sure I had three confluences and two timeframes in sync with the trend.
I also stuck to my 1% rule. One of my strict rules.
WHAT DID I DO WELL?
I have made an entry in the correct session.
WHAT CAN I DO BETTER NEXT TIME?
Go with the overall trend in the higher timeframe.
Wait for a Break of the Structure of the Failed Swing.
Stick To Only Identifying My Four Confluences.
WHAT DID I LEARN?
NOT TO BE EMOTIONAL ABOUT THE TRADE.
Set Stop Losses "outside" zone, or order block.
Do NOT force a trade...
DID I PREPARE PROPERLY?
NO, my job is to buy and sell pairs at a certain time, efficiently.
I entered the market in the right session, but at the wrong time, and it cost me -0.81%.
WHY DID I TAKE THIS TRADE?
I had the fear of missing out. (FOMO)
I saw a price break below FS, after bouncing off of the daily Order lock.
WHERE DID YOU EXIT?
185.325
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES
I have the faith to take the trade, but I have to keep faith in my my confluence.