So… this trade absolutely did not go as planned. The dollar rallied hard post-FOMC announcement against pretty much everything. My trade stopped out for about a 50 pip loss.
I followed up this losing trade with another loser on USDJPY…
I saw what I hoped was an outside bar at an area of prior resistance and the dollar just blew right through it. That was about a 40 pip loser.
On the positive, I set my stops and I lived with them by resisting the urge to push them further into a loss or even cut the trades early (which could save a few pips, but reinforces the misguided idea that I can predict what the market will do and undermines confidence in my decision to set the stops where I did).
I don’t feel too bad about the loss on the USDCHF trade as I traded with the trend. Perhaps the only thing I could have done differently was refrain from trading with the knowledge that the Fed would be making an announcement. Of course the challenge there is that there is often economic or monetary policy news. The news is what generates volatility that provides opportunity for traders; to not trade around news is to almost not trade at all.
To trade is to accept that there will be losses, so I accept this.
On the other hand, the USDJPY trade was a bit of an unforced error. Given that the longer term trend had been up, it may not have been a wise decision to short. By the same token price encountered previous resistance and hesitated. Perhaps waiting another candle for follow through on the potential reversal would have helped. Again, to trade is to accept that there will be losses, so I accept this.
For the month of September 2018 I had a loss of 3.2% on my account against a goal of gaining 5%. I had 9 trades, 6 of which were losses for about 216 pips against 3 gains for 128 pips. This is a part of the process. Losses will come but I will learn from them and use them to get better.