You Think You Can Make The Market Go Where You Want To Go?
We have to talk about the losses too. More importantly this one. I must learn to stick to my ABC trading rules. I broke several rules on this trade, and I wanted to go into detail on why this was an F trade.
GBPJPY
TRADING RULES violated:
A. Do NOT risk more than 1% of your account abalance.
B. Once your TP & SL is set, leave it there.
E. Only enter trades with the overall trend.
K. Never ever force a trade.
T. Move your SL to breakeven after close above TP!.
This was our first 2% loss. I can take it on the chin, and move forward!, we are learning not to risk more than one percent, and with that being said, we are going to cut our losses if we reach a percent. I did not move my stop loss to break even, and leave it there, to make it a risk-free trade, nor did I move my SL to TP 1 after the 15-minute close, greed. Because I did not follow the overall trend and held the trade, the price continued to go bearish. I also removed my SL risk over, but reset it, when I was away from my account. There is always room for improvement.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
No,I set my top loss above original area.
You must ONLY trade London. (According to the trading plan.)
WHAT DID I DO WELL?
1. Identified 4H Bullish Orderblock
2. Set A Stop Loss At 4H Bearish Orderblock
WHAT CAN I DO BETTER NEXT TIME?
Set my stop loss at breakeven, and leave it there after it reaches TP1. OR Move SL to TP1 and cut your losses there in the smaller timeframes, in the future.
WHAT DID I LEARN?
DO NOT BE STINGY WITH YOUR CURRENCY
DID I PREPARE PROPERLY?
NO, my job is to buy and sell pairs at a certain time, efficiently.
I entered the market too early, and it cost me -2.63%.
I did not have enough confluence to enter a swing.
WHY DID I TAKE THIS TRADE?
I had an order block bounce
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Give yourself a three-trade max so you do not over risk your account. In this trading day alone it will now take sixteen consecutive losing trades to lose 10% of the account.
I am grateful to manage my losses, as well as my wins! So I know what not to do again!
GBPJPY
TRADING RULES violated: A. Do NOT risk more than 1% of your account abalance.
B. Once your TP & SL is set, leave it there.
E. Only enter trades with the overall trend.
K. Never ever force a trade.
T. Move your SL to breakeven after close above TP!.
This was our first 2% loss. I can take it on the chin, and move forward!, we are learning not to risk more than one percent, and with that being said, we are going to cut our losses if we reach a percent. I did not move my stop loss to break even, and leave it there, to make it a risk-free trade, nor did I move my SL to TP 1 after the 15-minute close, greed. Because I did not follow the overall trend and held the trade, the price continued to go bearish. I also removed my SL risk over, but reset it, when I was away from my account. There is always room for improvement.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
No,I set my top loss above original area.
You must ONLY trade London. (According to the trading plan.)
WHAT DID I DO WELL?
1. Identified 4H Bullish Orderblock
2. Set A Stop Loss At 4H Bearish Orderblock
WHAT CAN I DO BETTER NEXT TIME?
Set my stop loss at breakeven, and leave it there after it reaches TP1. OR Move SL to TP1 and cut your losses there in the smaller timeframes, in the future.
WHAT DID I LEARN?
DO NOT BE STINGY WITH YOUR CURRENCY
DID I PREPARE PROPERLY?
NO, my job is to buy and sell pairs at a certain time, efficiently.
I entered the market too early, and it cost me -2.63%.
I did not have enough confluence to enter a swing.
WHY DID I TAKE THIS TRADE?
I had an order block bounce
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Give yourself a three-trade max so you do not over risk your account. In this trading day alone it will now take sixteen consecutive losing trades to lose 10% of the account.
I am grateful to manage my losses, as well as my wins! So I know what not to do again!