This previous week was one for the books. Being that this is quarter four. I realize these are not the best conditions to trade on the market. Unless you have years of experience. With that being said, I'd like to go over the final trade of the week. That helped me end the week at breakeven. Id like to share some of the mistakes I made, as well as some of the things I did correctly to help me close this trade in profit.
GBPJPY
has a mind of its own, but I have learned to trade with the trend, and not against it! Regardless of what you may see, it is best to adjust to the current market conditions if you do not want to lose any money. I also want to reiterate, that having your own set of trading rules and STICKING TO THEM, is very imperative if you do not want to develop any bad habits and blow your entire account. 90% of traders lose 90% of their accounts within the first 90 days. Learning from my mistakes not only will help you, but also help me to understand, what habit I created, and not to let it happen again. 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 entered this trade in the early Tokyo Market. My designated session is London. I usually do not trade outside of my session, UNLESS I see a move being made before my session. That was mistake number one. Mistake number 2 is I removed my SL for this trade once saw price approaching my SL level. Why is this a bad thing although I earned a profit on the trade? I must stick to my set levels once they are set, because the price may not do this again next time, causing me to lose a larger percentage of my account. So for all of you out there. If you have a SL set. Leave it. It is better to lose 1% and trade another day than to hold a trade and lose more money, if not blow your other account. The final mistake I made was I revenge traded. Since the price stopped me out of my previous trade before this one I decided to make another trade. This was a big no-no. It is best to take a step back. Embrace the loss, and see where we went wrong before entering the market again.
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I allowed price to enter into my bearish breaker Orderblock I had set..
WHAT DID I DO WELL?
1. I did not cut my losses short early.
2. Went with the current trend of the market.
WHAT CAN I DO BETTER?
Wait for a break and retest.
Stick to my own session.
Leave my SL in place (future reference)
WHAT DID I LEARN?
This pair is most volatile in my session.
It is okay to only earn 1% on a trade.
DID I PREPARE PROPERLY?
YES, I measured my confluences.
I went with the flow of the trend.
WHY DID I TAKE THIS TRADE?
Saw a bullish orderblock break toward my bearish breaker orderblock.
WHAT IS IT YOU WERE SEEING?
Momentum of the overal pair going bearish.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
This pair performs best in my session. Stick to your rules.
WHERE DID YOU EXIT?
186.289
WHICH SESSION DID YOU EXIT?
USA
GBPJPY
has a mind of its own, but I have learned to trade with the trend, and not against it! Regardless of what you may see, it is best to adjust to the current market conditions if you do not want to lose any money. I also want to reiterate, that having your own set of trading rules and STICKING TO THEM, is very imperative if you do not want to develop any bad habits and blow your entire account. 90% of traders lose 90% of their accounts within the first 90 days. Learning from my mistakes not only will help you, but also help me to understand, what habit I created, and not to let it happen again. 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 entered this trade in the early Tokyo Market. My designated session is London. I usually do not trade outside of my session, UNLESS I see a move being made before my session. That was mistake number one. Mistake number 2 is I removed my SL for this trade once saw price approaching my SL level. Why is this a bad thing although I earned a profit on the trade? I must stick to my set levels once they are set, because the price may not do this again next time, causing me to lose a larger percentage of my account. So for all of you out there. If you have a SL set. Leave it. It is better to lose 1% and trade another day than to hold a trade and lose more money, if not blow your other account. The final mistake I made was I revenge traded. Since the price stopped me out of my previous trade before this one I decided to make another trade. This was a big no-no. It is best to take a step back. Embrace the loss, and see where we went wrong before entering the market again. In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes, I allowed price to enter into my bearish breaker Orderblock I had set..
WHAT DID I DO WELL?
1. I did not cut my losses short early.
2. Went with the current trend of the market.
WHAT CAN I DO BETTER?
Wait for a break and retest.
Stick to my own session.
Leave my SL in place (future reference)
WHAT DID I LEARN?
This pair is most volatile in my session.
It is okay to only earn 1% on a trade.
DID I PREPARE PROPERLY?
YES, I measured my confluences.
I went with the flow of the trend.
WHY DID I TAKE THIS TRADE?
Saw a bullish orderblock break toward my bearish breaker orderblock.
WHAT IS IT YOU WERE SEEING?
Momentum of the overal pair going bearish.
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
This pair performs best in my session. Stick to your rules.
WHERE DID YOU EXIT?
186.289
WHICH SESSION DID YOU EXIT?
USA