It's always satisfying when you get winning trades. My winning trades from today are detailed below. It is not all amazing news though!
I let this trade ride overnight because this trade was actually opened on the 3 September and was closed today. I made mistakes on the profit taking on this trade unfortunately and therefore didn't maximise my return.
The best way to explain this is by showing what happened with the price action over the 2 days following trade entry and it will be easy to see the mistake made.
My stop loss had not been moved since entering the trade. The candle that spooked me was actually the opening candle of the session and after seeing the price move up and a shooting star bearish candle being bought back up again I stopped following my rules. My emotions told me that I might lose all my profits and I cut the trade. Yes, it was still in profit but had I followed my rules I would actually have been closing the trade at a much higher profit.
The reality was that I had been impacted by a big loss earlier today on a trade that I shouldn't have taken and this was the catalyst for a few bad trades today.
The next winning trade was again on Starbucks but this trade was on the 1 minute chart.
I wouldn't normally trade the 1 minute chart but this trade actually came after a few bad trades where I had broken rules and even entered trades that were not part of my strategy. This was a good trade though and I actually maximised my potential gains on this trade as I exited close to the bottom.
Overall this was more of a damage limitation profitable trade. The net trading results of the days trade were as follows.
The pyschology of this bad day, that could have been worse is as follows:
Took a very bad trade on GBP/CAD where I had an oversized position relative to my risk and I adjusted the stop loss to 5 times the value I should have after continuously moving it
Didn't allow myself to reset from this mistake
This not resetting made me panic about my original starbucks trade and when trade started to move up while I was in a short position I panicked and closed the trade so I could bank profit
I got annoyed that the trade then continued to the downside and I took another short but oversized it and got stopped out
As the price started to increase again I went long without pausing fearing it was actually reversing and surprise surprise got stopped out again
Paused and reflected that this was very much a bearish trend and waited for a good pattern which was a large bearish pattern and when support broke I went short and that was my final trade of the day which significantly reduced my potential losses for the day
Emotions can take you over and it is absolutely critical to RESET before you trade again but even better really work hard not to enter trades that you shouldn't!
Trade Clearly!
Comments