EDIT: LOL. For some reason I thought today was Friday. Sorry if I caused any confusion for anyone. Also, I spoke too soon. My drawdown just increased. Oh well! The trade was for fun anyway.
Took a counter trend trade just for fun on the Yen. 3.3 PIP drawdown. Will close the trade sometime this afternoon - win or lose. Don’t want to carry it over the weekend.
Have a lovely weekend all and Happy Trading!
You took it ‘just for fun’. I hope no one here trades like you. Good luck with your trading though.
Yes, I thought it was Friday today and I don’t enter into serious trades on Fridays. Sometimes I see a setup on Fridays and I’ll take a small position and close out of it before the end of the day, if I think I might be able to do so profitably.
Every trade teaches me something even the ones taken in fun. Lighten up and try it sometime.
But from what I see I recommend you to wait a bit really, you seems catch very good moment here, why simply close it and not wait out a bit, could you let me know that thing ? I see it only could get better by the way and from my experience ?
@Nydorenn I’m a pure price action based technical trader. I don’t subscribe to the 2RR or 3RR TP ratios. I will ride the profit train until price action suggests a reversal.
Once I enter a trade I watch it like a hawk. If price does not move in my favor relatively quickly then I will usually close out of the trade. In this case I closed out the trade last night with a very tiny profit because it looks like the Yen is going through a consolidation and might actually continue its move upward.
If I’m wrong, and if the Yen drops, then I stand to lose the potential profit, however, my first priority is capital preservation. Profit comes second.
There are two things, IMO, that are important to trading success:
If you can master these two then trading becomes very simple, profits are maximized and risk is minimized. I use stop losses only as an emergency measure. I have a mental stop based on price action analysis. I determine a price point that should not be exceeded in relation to my entry point. If price exceeds that point by 3 PIPs then I close the trade no matter what. It might eventually go in my favor but I don’t dwell on that. My re-analysis will show that either I was mistaken or that price did something that I was not expecting it to do. Either way it presents a learning opportunity.
Once price moves in my favor I will move my stop loss to “unchanged” as soon as it is possible to do so. If I get stopped out then again my analysis was wrong since I did not expect price to come back to my entry point. In that case, I may or may not re-enter the trade depending on further analysis.
Hope that answers your question. 
