With Independence Day on the calendar. The day off may not have been the best time to go long with $OANDA:XAUUSD. There were so many errors made in this trade. Shall we begin? To start off, I'd like to say, I did not trade both sides, breaking the first rule of my trading plan. Second, I originally lost 6% early yesterday, but I made a revenge trade in the same position. This is the final result. Third, I did not set a stop loss for this particular trade, and I allowed this particular trade to run. (GREED) Trading a "Metal" is different from trading a currency pair. Today, I blew another account. I like to share my losses, so I myself may visually learn from my mistakes, as well as you! The Entire reason I made a long position is I spotted a bearish engulfing in the 4 hour timeframe inside my area of liquidity, but it was no reason to hold the trade past my session...
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"!
A Fifth and final trading rule I broke was not following my larger timeframe confluences.
The trend in the Monthly, Weekly, and Daily was "Bearish"
Several NO NO in this trade, my poor psychology is the reason I lost over 75% of my account.
Traders, I slipped on a banana! Whoops!
I am grateful to be able to trade another day.
I'd like to share one of the laws of gold :)
3. Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling. Gold clings to the cautious owner, and flees from the careless owner. The man who seeks the advice of men wise in its handling, gold soon learns not to jeopardize his treasure, but to preserve, and safely enjoy, in contentment its consistent increase.
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! :)
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
I did not EXIT in session.
Did Not Set my STOP LOSS in profits early 1:3
WHAT DID I DO WELL?
1. Identified A Reversal Candlestick In Smaller Timeframe.
2. Traded the pair in MY session!
3. Entered The Market With Confirmation.
WHAT CAN I DO BETTER?
When In Profit Trail, and Stop It EARLY . There is no reason, why I should HOLD a trade out of my session. Nothing to see..
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 What You Cannot Afford To Lose
4. Metal Is Different From A Currency Pair
DID I PREPARE PROPERLY?
NO, while I entered a trade with several confluences in my technical analysis. I held my trade way past my time to get out...
*NEW / GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The trend is your friend, do not turn your back on the trend.
Next time, practice 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"!
A Fifth and final trading rule I broke was not following my larger timeframe confluences.
The trend in the Monthly, Weekly, and Daily was "Bearish"
Several NO NO in this trade, my poor psychology is the reason I lost over 75% of my account.
Traders, I slipped on a banana! Whoops!
I am grateful to be able to trade another day.
I'd like to share one of the laws of gold :)
3. Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling. Gold clings to the cautious owner, and flees from the careless owner. The man who seeks the advice of men wise in its handling, gold soon learns not to jeopardize his treasure, but to preserve, and safely enjoy, in contentment its consistent increase.
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! :)
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
I did not EXIT in session.
Did Not Set my STOP LOSS in profits early 1:3
WHAT DID I DO WELL?
1. Identified A Reversal Candlestick In Smaller Timeframe.
2. Traded the pair in MY session!
3. Entered The Market With Confirmation.
WHAT CAN I DO BETTER?
When In Profit Trail, and Stop It EARLY . There is no reason, why I should HOLD a trade out of my session. Nothing to see..
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 What You Cannot Afford To Lose
4. Metal Is Different From A Currency Pair
DID I PREPARE PROPERLY?
NO, while I entered a trade with several confluences in my technical analysis. I held my trade way past my time to get out...
*NEW / GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The trend is your friend, do not turn your back on the trend.
Next time, practice risk management sir.