This week I have managed to manually close this trade. I'd like to share my experience of losing this
GBPUSD
trade because I believe not only myself, but others a learn from all of the mistakes I made physically, and psychologically in this trade. I can come back, and analyze this later.
I have managed to learn how to break my trading plan, once again.
I allowed this trade to run, and greed, kicked in. I did not set my stop loss at break even. It is imperative for me to start sticking to the principles I have set in place because if I can't follow my own rules, I will not be a profitable trader. I must develop the habit of setting a stop loss. As you can see here I had the chartwork for a stop loss, but on my Metatrader, it was a runner. I woke up this morning, and it was in the red $14. I had to immediately, close this trade, because, I did not set my stop loss the night before. I also held this trade past session and had to cover a swap fee.
Learning how to trade has been the best decision I have ever made. Once I started taking this seriously, I am starting to witness the small results start to show: from learning price action, risk management, and fundamental analysis. There are so many elements to being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was to stop holding forex trades. Get in there, catch the wave, and get off at the shore, before you get swept back in the ocean!
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
No. I exercised poor risk management
Held the trade out of session.
Did not Set A stop loss all.
WHAT DID I DO WELL?
1. Identify Confluences of A Bullish Trend
2. Traded the pair in the correct session.
3. Entered With The Trend.
WHAT CAN I DO BETTER?
1. Set A Stop Loss In Metatrader
2. When Price Exits My Box, Get Out! (Close Manually)
3. Have A TP/SL Plan Written Down Before You Enter
WHAT DID I LEARN?
1. Procrastination Will Decrease Ratio Of Success.
2. Trade The Box
3. Quit Holding Trades Over The Weekend
DID I PREPARE PROPERLY?
NO, I entered a trade with no stop loss set, I did not follow my trading plan rules, and I held the trade out of my session.
Next time I set my MUST set my stop loss, set my price target, calculate my risk-to-reward ratio, set a Take Profit, AND Stop Loss, enter it in my Metatrader app, double down, and wait for a confirmation.
One day at a time, keep your head high soldier!
GBPUSD
trade because I believe not only myself, but others a learn from all of the mistakes I made physically, and psychologically in this trade. I can come back, and analyze this later. I have managed to learn how to break my trading plan, once again.
I allowed this trade to run, and greed, kicked in. I did not set my stop loss at break even. It is imperative for me to start sticking to the principles I have set in place because if I can't follow my own rules, I will not be a profitable trader. I must develop the habit of setting a stop loss. As you can see here I had the chartwork for a stop loss, but on my Metatrader, it was a runner. I woke up this morning, and it was in the red $14. I had to immediately, close this trade, because, I did not set my stop loss the night before. I also held this trade past session and had to cover a swap fee.
Learning how to trade has been the best decision I have ever made. Once I started taking this seriously, I am starting to witness the small results start to show: from learning price action, risk management, and fundamental analysis. There are so many elements to being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was to stop holding forex trades. Get in there, catch the wave, and get off at the shore, before you get swept back in the ocean!
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
No. I exercised poor risk management
Held the trade out of session.
Did not Set A stop loss all.
WHAT DID I DO WELL?
1. Identify Confluences of A Bullish Trend
2. Traded the pair in the correct session.
3. Entered With The Trend.
WHAT CAN I DO BETTER?
1. Set A Stop Loss In Metatrader
2. When Price Exits My Box, Get Out! (Close Manually)
3. Have A TP/SL Plan Written Down Before You Enter
WHAT DID I LEARN?
1. Procrastination Will Decrease Ratio Of Success.
2. Trade The Box
3. Quit Holding Trades Over The Weekend
DID I PREPARE PROPERLY?
NO, I entered a trade with no stop loss set, I did not follow my trading plan rules, and I held the trade out of my session.
Next time I set my MUST set my stop loss, set my price target, calculate my risk-to-reward ratio, set a Take Profit, AND Stop Loss, enter it in my Metatrader app, double down, and wait for a confirmation.
One day at a time, keep your head high soldier!