DislikedHello to all members and mentors on this thread.
I'd like to remember this day, that's why I'd like to write this.
First of all I have a very bitter, angry feeling. Feels like I was humiliated by this market since I've started trading (1.5 months). Yes, this emotional pain comes from loosing. All I got is 15% of my initial account...
I'd like to learn a serious lesson here. I analyzed all the past trades and this is what I see today in all those trades.
First when I started
1. too early entry (impatient, overconfident),
2. too late...Ignored
It takes 30 days to create a habit, so a challenge. Write down your trading plan and for now stick to trend, that would be a great help. A basic plan:
I will trade EUR, GU, EJ
- with the trend - 10 ema above 200ema, 200 ema to be sloped up
- from Lon open to Lon close
- use stops not to exceed 30 pips, max 2% risk
- exit half after LO initial move target key SR levels, pivots, RN's
- move stop to BE at 1st exit
- exit balance near London close around SR levels, pivots RN's near 5 day ATR
- if I have 2 losing trades on any one day I will walk away
- if I break my trading rules I will close position and walk away
Add/change the above in any way you see fit (in particular for time issues just seen your above post. Renata below makes a great point about time pressures and small trade time window). Make a plan and stick to it. Stick to it for the next 30 days. It doesn't matter what you see here about what others are doing trend/CT. It doesn't matter if you don't get a trade for a few days (EUR can easily go sideways for a week). What matters is how you do at the end of the month and that you focus and take the right trades. There will be losers but thats trading.
All the best.