Date: May 2, 2011
Time (GMT): 5:52:00am
Live
[B]Pre-Trade:[/B]
Currency Pair: GBP/USD
Market Bias (Long Term): Bearish sentiment
Market Flow (Daily, 4H, 1H): Daily is bullish, 4H and 1H is bearish.
Position Taken (Long/Short): Short
Trade Style (Swing, Scalp, etc): Swing
Risked Percentage (%): 0.5%
Lot Size: 0.04
Stop Loss (in pips): 30
Take Profit (in pips): 70
Entry Price: 1.6644
Notes & Comments:
Bearish sentiment overall, so taking a short trade would be the most probably. Currently it is a pending order, and 30 pips from entry price. Entering on the 79% retracement level and a prior support level, now resistance. Aiming for a previous resistance level. Have a feeling price may not reach entry since it is quite a ways up.
Entry Screenshot:
[B]Post Trade:[/B]
Exit Date: May 3, 2011
Exit Time: 7:40 am GMT
Exit Price: 1.6574
Net Pips (in pips): 70
Net Income (% growth): 1.37%
Notes & Comments:
Trade went very well. First trade I have taken where I have out 100% of my concentration into analysis with no distractions. Trade went nearly perfect. Price had dropped more significantly than expect. One reason could be the release of the UK Manufacturing PMI which released lower figures than forecasted.
Closing Screenshot:
On a side note, now that I have more time, I am starting to take trading more seriously and hope to progress onto the next ālevelā if you will.
I am taking a more long-term approach to things now, staying in this game will mean I need to start actually caring about my pre-trade routine, such as news, fundamentals, etc.
I will also be trying to control my emotions and risk appetite slowly. And hereās how I plan on achieving that:
Before I risked 2% on each trade, now I have decreased my risk to a mere 0.5%. If and only if, I can stay in the green, and make a profit for 2 straight weeks, will I increase the risk by an increment of 0.5% (0.5%, 1.0%, 1.5%, 2.0%). Iād like to trade comfortably and not worry about my risk. I feel if I slowly increase my risk I am able to think more clearly, and not be hesitant of entries. Emotionally, I feel it has helped me a lot! =)
As well, I am only looking to make 1-3 trades a week. If I reach a 6% drawdown on my balance in a week, I will stop trading for the remaining week, and just work on finding the reasons as to my mistakes.
I have also created multiply spreadsheets, journals, etc to record my trades so I have a good record keeping system which I can look back at my trades. Basically, I am trying to organize myself, mentality as well, to improve and see more progress in trading. =) I feel quite confident about it, and see trading as a whole new picture, and I feel that my goals as a full time trader may actually be achievable. =)
Regards,
Clark.
