This week has been very profitable. I have managed to learn how to stick to my trading plan. A lesson I have learned this week is to "get in, and get out", one, the market fluctuates according to the session, two, price is not going to match your account balance goals, and three, when in profit trail, and stop it. Proper risk management, as well as improper risk management has taught me about myself this week. I still have to learn when to get out. In this particular trade I set two purple psych levels. The bottom level is where my original stop loss was, securing $100 in this trade, but I allowed the trade to continue to run, and modified my stop loss at the top level. Why did I do this? From previous experiences, I have managed to stop myself out from more profitable trades, because I did not allow price to have enough room to breathe, so this morning, I decided to let price wiggle it's toes. Well unfortunately for me, I lost $35 profits, due to retracement back to my top psychological level, but the results are in! We set our stop loss, in profit, either way, and managed to grow our portfolio %37 today. I have officially earned my very first $250 ever on the markets. According to my trading journal, my account is now up 133.45% in the month of May.
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 into a being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was to cop, and blow. If I cannot am up $100, take the $100 and get the Freak out! A second lesson I have learned is how to simply read candlestick patterns.
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised price action
Followed the trend
Set my stop loss in key Psychological levels
WHAT DID I DO WELL?
1. Let The Trend Be My Friend.
2. Traded the pair in correct session.
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Enhance my confluences.
2. When Price Peaks, GET OUT!
3. No Revenge Trading
WHAT DID I LEARN?
1. More Confluences In Higher Timeframe Increase Ratio Of Success.
2. Patience and Virtue
3. How To Identify Reversal Candlestick patterns.
DID I PREPARE PROPERLY?
YES, I entered a trade with a high lot size because of my confluences in my technical analysis.
This time I set my price, doubled down, and wait for a confirmation.
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 into a being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was to cop, and blow. If I cannot am up $100, take the $100 and get the Freak out! A second lesson I have learned is how to simply read candlestick patterns.
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised price action
Followed the trend
Set my stop loss in key Psychological levels
WHAT DID I DO WELL?
1. Let The Trend Be My Friend.
2. Traded the pair in correct session.
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Enhance my confluences.
2. When Price Peaks, GET OUT!
3. No Revenge Trading
WHAT DID I LEARN?
1. More Confluences In Higher Timeframe Increase Ratio Of Success.
2. Patience and Virtue
3. How To Identify Reversal Candlestick patterns.
DID I PREPARE PROPERLY?
YES, I entered a trade with a high lot size because of my confluences in my technical analysis.
This time I set my price, doubled down, and wait for a confirmation.
