All right first week!
If you missed any posts or wanted to know how my first ever week in the market went…
I got my ass kicked
I ended the week with an account equity of $4,930.30 USD / Net loss of 1.39%
I also currently have a position being held through the weekend in a loss of 1.76%
I’ll be closing out of the position on Sunday and take the loss as it has run past the time I allotted. I surely was not prepared to close it out proper though.
So, the mistakes.
I’m still working my way around the interface of TradingView as my platform. My very first trades went completely sideways due to this lack of understanding. I’ll be allocating time to correct this.
Attempting to capture unrealistic price swings
I noticed certain areas of supply and demand that were promising. My naivety led me to believe these swings would happen much quicker and on a much larger scale than realistic. This led to a small swing, which I could have captured, then into a reversal into my stop. I need to set more realistic expectations from price.
Related to the above mistake; Wrong time frame for expected price volatility
Price can move a lot. I cannot suspect price to move the same amount of pips in the same amount of bars on M15 compared to H1. Sounds obvious right? Yeah
Playing off supply and demand levels not yet ready to be tested
This is an odd one. When I find a large S/ D zone I cannot speculate that price will just immediately drop or rise to these zones. The path of price is full of obstacles. I must train my eye to realize the importance of certain obstacles and regardless of the distance plan my approaches correctly.
That about sums up this week. If you noticed anything I did that you have input on whether that be trading, psychology, or questions on my approach to market let me know!
Thanks ya’ll, support is truly appreciated.
Cheers to success!