Well hasn’t that year flown, I Started a live account one year ago, well what can I say I’ve learnt well a hell of lot is the answer, can I remember my trades not what pairs without looking back at my journal.
Was I using a trading log no, I can remember how many I took 6, placed on the Friday, did I nearly blow it, you bet, went in feet first didn’t understand the trading platform, leverage, 5 trades way outside the risk for my capital invested.
What was even worse was I knew in my head I’d made a mistake, boy did I sweat not just the weekend,also panicking about the bank holiday in the UK, would it affect me an extra day or not, I had set a S/L and that time I was also using a fixed T/P.
Now this is the first lesson I learned in trading, yes it does involve knowledge, technical analysis, fundamental, but sometimes it’s just pure luck, out of the 6 trades 5 came through for me. Phew!
What has the last year really taught me trading is 90% mental attitude,10% is mental preparation.
Your attitude determines your altitude.
Well this week was a slow week trading, decided the signals coming out of the Fed and Powells speech were mixed and confused early part of week so decided to stay out the markets Wednesday/Thursday and although the speech was not a big game changer still felt the markets didn’t really know what to do before and after, although did notice the usual spikes in the currency pairs,which often take out the inexperienced traders.
Got back in Friday took a a couple of positions, USD/JPY short and GBP/CAD Long which came in nicely for me.
Week as whole,well early week Gold Short took me out and heavily, however went back in and recovered some of the lost pips.
Week. 2.4 pips up
Worst Trade Gold. -179.3 pips
Best Trade Gold. 83.9 pips
Trades still in Gold Long.
Have a good week trading, new month Tuesday, start all over again.
Congrats! If you don’t learn a ton the first year its because you quit after you blew up your first account lol. I agree that part of trading comes down to luck. I follow the same strategy every morning and have had weeks where I won 5 days in a row (beers on me) and had weeks where I lost 5 days in a row (…). Either side of the coin requires a lot of mental fortitude. Winning streaks are great but could lead to over leveraging and losing streaks can lead to over trading.
If there is one thing I can take away from my experience, the trades you take are important, but the trades you don’t take are the ones that make you profitable.
Best of luck for your next year and congrats again!
Congratulations to you! That is quite impressive I have to say. Keep it up and good luck.