5th April 2023
17:30 London
Another set-up emerged this morning and I was quickly on it.
Price initially turned against me but it didn’t mess with my zen.
I’ve been using this strategy for long enough to maintain a certain amount of confidence in it even when it looks like it’s about to go pear-shaped.
Sure enough, price soon started behaving and heading in the direction I wanted it to and, at one point, offering me an unrealised gain of over thirty percent.
Then things started getting a little bit jittery and I decided to move my stop to break even.
In my experience, when you sense the market getting a bit choppy, it’s always smart to try and take risk off the table if possible. I feel a lot easier wondering how much I’m going to win rather than questioning whether I’m going to win.
My instincts were right. Price soon started retreating.
I edged my stop loss down to protect some of the unrealised profit. That’s generally not such a smart move because sometimes a trade needs plenty of room to breathe and in trying to protect a small profit you lose a potentially big profit.
Long story short, as you can see from myfxbook I gained just over 17% on the trade when I eventually decided to close it.
That’s not bad, of course, but it probably adds to the tally of trades I’m going to have to take in order to achieve this challenge - so it’s not particularly good either.
Price is still languishing in what was my profit zone and it may still head down to my original take profit. Either way, I’m now out of the trade and resting up till tomorrow.
I have now more than doubled my small account in only three trades.
My confidence is growing!