Hi everyone, I’m not quite sure what I’m doing right now. To try to figure it out, I’m going to force myself to take trades on either a real or demo account and share them here, along with my thoughts.
I can mark up a chart, I understand the market and I can see the direction the market is going, but I’m still afraid of losing money. I’m going to use this topic to share my daily trades. I welcome any feedback or advice that you might have.
This is the first trade which I took this morning around 01:19 AM UTC (First lose of the day)
After the market reached 2459.77 at 01:22AM UTC, I took the trade again, and this time it gave a 1:8.14 RR, which is pretty good. However, I was still afraid to take it, and only marked it on chart.
Don’t be afraid of losing money - you will definitely have losing trades. Losing trades do not mean your strategy is a failure and do not mean you have made a mistake or you had too little information. Losing trades occur in 100% of strategies.
The key is to know in advance what you can withstand losing, then plan your trades so that the loss is limited to this amount. Write out the rules for your strategy and trade set-ups. Only look for trades that fit your strategy’s set-up, not the other way round. Do not look at the chart and try to find a trade: look at the chart and try to find your set-up.
Keep running your strategy in demo or in small position sizes until you convince yourself that long-term it is consistently profitable. The easiest way to be convinced of this is if you have a win rate over 50%.
Monday - August 19: [XAUUSD]
So today I had a couple of trades, some hits and some misses. First, I took an early entry around 05:01 AM UTC that ended up with a 1:3.81 ratio.
(missed)
Now for the last bit, I had my eye on a potential trade around 01:30 PM UTC, but the market was moving fast and it didn't feel right, so I decided to sit this one out. Sometimes the best trade is the one you don't take, ya know? And hey, it's all good, I can laugh about it 😂. No harm done!
(decided not to enter…)
Advice and guidance from experienced traders is always welcome. Whether it's tips on spotting opportunities, managing risk, or just general words of wisdom, I appreciate it all. So if you've got any advice, I'm all ears! Thanks
The market rejected the VWAP twice and I entered the trade around ~2509.6** with the target set to the second low of the uptrend which ended with 1:3.18 RR
