HTF bias - bearish. Price action formed a double top into a supply zone, which showed me that there was strength from the sellers in the market for a further push down, although i do like to see the market push up and grab liquidity, this doesn't always happen and sometimes when it does, it may stop you out depending on market momentum, but you have to accept this is part of trading and the winners come with the losers, its our risk management that is our true edge to becoming consistently profitable. This was a good set up and i like seeing a similar set up but with a double bottom in a Bullish market into a demand zone.
Had a very eye opening and humbling week in the markets (having some nice winners followed by some losers and then over trading and nearly ruining my entire week). Its all part of the process and although i am annoyed with myself for giving profits back and not sticking to my trade plan. (i was trying to predict a reversal).i have learnt some valuable lessons.
Lessons learned this week.
-Be consistent with Journaling your trades. Especially the losers which I will be posting on here! you will only ever learn from this.
- Never risk more than 1.5% per trade (i was risking 2% on several trades this week, winning and losing trades)
- Do not move stop losses!! I cant emphasise this enough, you are increasing your risk when you do this!! If the market isn' moving in your anticipated direction, you are wrong (and that is fine! reduce your position or close it). there will always be more trades to take!
- None of us truly no what the market will do or where it will go (except the big players) so don't try and guess when a reversal will happen.
-This is a game of probabilities
- If you have more than 2 losers in a row, come away from trading for the day and go for a walk, we all like making money but sitting on your hands in this game is paramount.
- I am now creating a rule where i will not place more than 1-3 trades per week, even if they're all losers. Im focused on highly quality set ups. (like above)
Thank you for reading, I wish you all a great weekend and hope you can learn from my mistakes.
Joe
Had a very eye opening and humbling week in the markets (having some nice winners followed by some losers and then over trading and nearly ruining my entire week). Its all part of the process and although i am annoyed with myself for giving profits back and not sticking to my trade plan. (i was trying to predict a reversal).i have learnt some valuable lessons.
Lessons learned this week.
-Be consistent with Journaling your trades. Especially the losers which I will be posting on here! you will only ever learn from this.
- Never risk more than 1.5% per trade (i was risking 2% on several trades this week, winning and losing trades)
- Do not move stop losses!! I cant emphasise this enough, you are increasing your risk when you do this!! If the market isn' moving in your anticipated direction, you are wrong (and that is fine! reduce your position or close it). there will always be more trades to take!
- None of us truly no what the market will do or where it will go (except the big players) so don't try and guess when a reversal will happen.
-This is a game of probabilities
- If you have more than 2 losers in a row, come away from trading for the day and go for a walk, we all like making money but sitting on your hands in this game is paramount.
- I am now creating a rule where i will not place more than 1-3 trades per week, even if they're all losers. Im focused on highly quality set ups. (like above)
Thank you for reading, I wish you all a great weekend and hope you can learn from my mistakes.
Joe