Have you ever we walk out of a convenience store & spotted change on the ground, and walked right past it? Because it was "just" a coin? Well, that money can well be added to your piggy bank, only if you claim it, pick it up, and put it in your pocket. If not, it is gone forever for the next man to put in his pocket. There were so many errors made in this trade. The best part about a losing trade is being able to check off all the mistakes you made, so you learn from them and instill better habits, so it will not happen again.. To start off, I'd like to say, I did not wait for a candlestick confirmation of a continuation. Second, I did not set a stop loss for this particular trade, and I allowed this particular trade to run. Breaking the most important rule of my trading plan. Why? Greed! No risk management is the very reason, I lost this trade. I like to share my losses, so I myself may visually learn from my mistakes, as well as you! Third, while in the trade, I did not cut my losses short. Once I saw the bearish engulfing form in the 1 hour, up to the 2 hour, I knew I was leaving change on the ground, but I kept walking, right on past the change on the ground, and before you know it the market picked my change right off the ground, before grabbing its morning coffee. The Entire reason I made a long position is because of the overall bullish momentum in the higher timeframes. but it was no reason to take the trade, one, without three or more confluences, two, without identifying the trend, and three, without a candlestick formation. Trading a "Metal" is different from trading a currency pair. Today, I blew another account. This is the equivalent to spreading hundreds of dollars worth of silver coins, all over the ground, all around town, for everyone in this economy to pick up ;)
As you can see the price was in my favor, early London session, but I did not "get in, and get out"...
Breaking my fourth trading rule. "When In Profit, Trail and Stop it"!
Several NO NO in this trade, my poor psychology is the reason I lost one of my entire accounts.
Traders Have More Than One Trading Account.
Save 50% of every trade you win, so you can trade another day. ;)
I am grateful to be able to trade another day.
I'd like to share one of the laws of gold :)
Even Though This Is All About
XAGUSD
1. Law Of Gold- Gold comes in increasing quantities to one who secures one tenth and invests it wisely to secure his estate for his future & Safety of his family. Gold comes gladly to such a man. The gold I save, earns more, acquiring wealth in increasing sums, earnings, earning more.
Each loss is a lesson, a valuable one, and I'd like for you to learn from my mistakes too, so you do not make them, early in your trading career! :)
One final lesson I learned is to trade the pairs I am familiar with! Stick to it!
I like to connect with you, so share your feedback!
What are your thoughts?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
NO. I did not exercise risk management
WHAT DID I DO WELL?
n/a
WHAT CAN I DO BETTER?
When In Profit Trail, and Stop It EARLY.
Read Your Rules Before You Enter A Trade
WHAT DID I LEARN?
1. Larger Time Frame Confluences increase the Ratio Of Success.
2. Applying Risk Management To Each Trade Is REQUIRED...
3. Do Not Risk More Than 1-2% of my account size.
4. Metal Is Different From A Currency Pair
5. Cut My Losess Eatly.
6. Stop Leaving Money On The Table
7. Identify Confluence
8. Wait For A Pullback of your zone.
DID I PREPARE PROPERLY?
NO, I entered a new market with a poor strategy...
*NEW / GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Pick up the change, put it in your pocket, so it can add up to a dollar! When You Break Even, Set A Stop Loss. (MANADATORY)
Exercise risk management sir.
As you can see the price was in my favor, early London session, but I did not "get in, and get out"...
Breaking my fourth trading rule. "When In Profit, Trail and Stop it"!
Several NO NO in this trade, my poor psychology is the reason I lost one of my entire accounts.
Traders Have More Than One Trading Account.
Save 50% of every trade you win, so you can trade another day. ;)
I am grateful to be able to trade another day.
I'd like to share one of the laws of gold :)
Even Though This Is All About
XAGUSD
1. Law Of Gold- Gold comes in increasing quantities to one who secures one tenth and invests it wisely to secure his estate for his future & Safety of his family. Gold comes gladly to such a man. The gold I save, earns more, acquiring wealth in increasing sums, earnings, earning more.
Each loss is a lesson, a valuable one, and I'd like for you to learn from my mistakes too, so you do not make them, early in your trading career! :)
One final lesson I learned is to trade the pairs I am familiar with! Stick to it!
I like to connect with you, so share your feedback!
What are your thoughts?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
NO. I did not exercise risk management
WHAT DID I DO WELL?
n/a
WHAT CAN I DO BETTER?
When In Profit Trail, and Stop It EARLY.
Read Your Rules Before You Enter A Trade
WHAT DID I LEARN?
1. Larger Time Frame Confluences increase the Ratio Of Success.
2. Applying Risk Management To Each Trade Is REQUIRED...
3. Do Not Risk More Than 1-2% of my account size.
4. Metal Is Different From A Currency Pair
5. Cut My Losess Eatly.
6. Stop Leaving Money On The Table
7. Identify Confluence
8. Wait For A Pullback of your zone.
DID I PREPARE PROPERLY?
NO, I entered a new market with a poor strategy...
*NEW / GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
Pick up the change, put it in your pocket, so it can add up to a dollar! When You Break Even, Set A Stop Loss. (MANADATORY)
Exercise risk management sir.